The future contracts on silver are quoted in dollars per troy ounce with a contract size of 5,000 troy ounces. Contract quotes for the day included an open value of 16.650, a high of 16.660, a low of 16.620, and a settle of 16.645. If you purchased three contracts at the closing price what was the dollar cost of your purchase ignoring all transaction costs.

a. 83,250

b. 82,500

c. 249,675

d. 249,750

e. 83,225

Last week, you sold a futures contract on 5,000 troy ounces of silver at a settle price of $16.59. Today, your contract closed at the daily settle price of $16.62. What amount will you receive from the contract purchases for the delivery? Assume yesterday's settle price was $16.66.

a. 82,950

b. -350

c. 300

d. 83,100

e. -300