The contract size for platinum futures is 50 troy ounces. Suppose you need 400 troy ounces of platinum and the current futures price is $1,255 per ounce. How many contracts do you need to purchase? How much will you pay for your platinum? What is your dollar profit if platinum sells for $1,295 a troy ounce when the futures contract expires? What if the price is $1,200 at expiration? (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole number. Omit the "$" sign in your response.)

Contracts to purchase ?

Purchase price $ ?

Dollar profit at $1,295 $ ?

Dollar profit at $1,200 $ ?

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