Refer to Table 23.1 in the text to answer this question. Suppose you sell five March 2017 silver futures contracts this day at the last price of the day. What will your profit or loss be if silver prices turn out to be $17.81 per ounce at expiration? What if silver prices are $17.64 per ounce at expiration? 

Table 23.1

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Copper-High (CMX)-25,000 lbs; $ per Ib. Feb 2.6735 2.6735 2.6715 2.6480 -0.0125 672 March Gold (CMX)-100 troy oz; $ per troy oz. Feb April June Aug Dec June'18 Palladium (NYM)-50 troy oz; $ per troy oz. Feb March June Sept Platinum (NYM)-50 troy oz; $ per troy oz Feb 2.6660 2.6765 2.6410 2.6535 -0.0130 120,434 1239.40 1243.50 1226.90 1235.10 -2.50 1,387 1242.70 1246.20 1226.10 1236.80 -2.70 288,888 1246.10 1249.00 1230.00 1240.00 -2.70 63,531 1250.10 1252.00 1235.10 1243.10 -2.80 18,296 1254.00 1256.90 1239.00 1249.20 -2.70 29,516 1266.00 1266.00 1254.80 1259.00 -2.50 4,419 732.85 732.85 732.85 772.60 2.80 770.60 778.80 768.00 772.55 2.80 22,948 771.00 780.00 770.40 774.00 2.85 6,503 775.30 777.00 775.10 775.00 3.60 17 978.80 979.10 978.80 1019.20 2.80 42 April 1019.60 1032.10 1016.20 1022.20 2.80 59,479 Silver (CMX)-5,000 troy oz.; $ per troy oz.