The contract size for platinum futures is 50 troy ounces. Suppose you need 600 troy ounces of platinum and the current futures price is $1,030 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 $1,070 a troy ounce when the futures contract expires? What if the price is $975 at expiration? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole number.) Answer is complete but not entirely correct. Contracts to purchase Purchase price Dollar profit at $1,070 Dollar profit at $975 12 $ 772,500 2,400 33,000 $ The contract size for platinum futures is 50 troy ounces. Suppose you need 600 troy ounces of platinum and the current futures price is $1,030 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 $1,070 a troy ounce when the futures contract expires? What if the price is $975 at expiration? (A negative value should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole number.) Answer is complete but not entirely correct. Contracts to purchase Purchase price Dollar profit at $1,070 Dollar profit at $975 12 $ 772,500 2,400 33,000 $