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Use the following corn futures quotes: Corn 5,000 bushels High Contract Month Mar May July Sep Open 455.125 457.000 467.000 468.000 477.000 477.500 475.000 475.500

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Use the following corn futures quotes: Corn 5,000 bushels High Contract Month Mar May July Sep Open 455.125 457.000 467.000 468.000 477.000 477.500 475.000 475.500 Low 451.750 463.000 472.500 471.750 Settle 452.000 463.250 473.000 472.250 Chg Open Int -2.750 597,913 -2.750 137,547 -2.000 153, 164 -2.000 29,258 a. How many of the September contracts are currently open? Contracts b. How many of these contracts should you sell if you wish to deliver 120,000 bushels of corn in September? Contracts c. If you actually make delivery, how much will you receive? Assume you locked in the settle price. (Do not round intermediate calculations. Round your answer to the nearest whole number.) Price

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