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Table 2.7 Corn futures prices on the Chicago Mercantile Exchange, January 3, 2019 Maturity Last Change High Low Mar-19 3.8025 0.7500 3.8075 3.7975 May-19 3.8800

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Table 2.7 Corn futures prices on the Chicago Mercantile Exchange, January 3, 2019 Maturity Last Change High Low Mar-19 3.8025 0.7500 3.8075 3.7975 May-19 3.8800 0.5000 3.8800 3.8750 Jul-19 3.9500 0.2500 3.9525 3.9450 Sep-19 3.9700 0.0000 3.9700 3.9650 Dec-19 4.0075 -0.5000 4.0100 4.0025 Mar-20 4.0975 0.0000 4.1000 4.0950 Source: www.cmegroup.com. Look at the futures listings for the corn contract in Table 2.7 Suppose you buy one contract for May 2019 delivery. If the contract closes in May at a level of 4.16, what will your profit be? (Round your answer to 2 decimal places.) Profit

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