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You take a speculative long position in 6 January frozen concentrated orange juice (FCOJ) futures at a price of 115.09/lb. Each FCOJ contract represents 15,000
You take a speculative long position in 6 January frozen concentrated orange juice (FCOJ) futures at a price of 115.09/lb. Each FCOJ contract represents 15,000 lbs.
If your account has an initial margin of 9%, what will be your percentage profit if you close out this position at 117.49/lb. prior to expiration? (Report answer in percentage terms and round to 2 decimal places. Do not round intermediate calculations)
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