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11. On July 1* two September live cattle futures contract are purchased @ $1.00 per lb, each contract is for 40,000 lbs. On August 1*

11. On July 1* two September live cattle futures contract are purchased @ $1.00 per lb, each contract is for 40,000 lbs. On August 1* both contracts are sold @ $1.05 per lb. Calculate total payoff: a. -$2000 b. -$4000 c. $4000 d.$2000

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