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The price of corn is $6.75 and the July futures price is $7.04 on March 1. CornTech Inc. entered into a futures contracts on March

image text in transcribed The price of corn is $6.75 and the July futures price is $7.04 on March 1. CornTech Inc. entered into a futures contracts on March 1 to hedge the purchase of coffee on June 1. The price of corn is $6.54 and the July futures price is $6.4 on June 1 , when the position is closed out. After taking account of the cost of hedging, what is the effective price paid by the company for the corn

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