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12. On July 1s two September live cattle contracts are sold @ $1.00 per lb, each contract is for 40,000 lbs. On August 3rd one

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12. On July 1s two September live cattle contracts are sold @ $1.00 per lb, each contract is for 40,000 lbs. On August 3rd one contract is purchased @ $1.02 and on August 15th the other contract outstanding contract is purchased @ $0.90 per lb. Calculate the total payoff from these trades: a. $3200 b. $3200 c. $6,400 d. $0

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