Question 20 4 points Saved An elevator operator typically purchases huge amounts of grain from farmers. Assume the following prices. Date Spot Price /Bu March Futures Price September 1 $2.10 $2.34 October 1 $2.05 $2.20 November 1 $2.20 $2.38 It costs the elevator $0.05/Bu/month to store the grain. An elevator purchases grain from a farmer on September 1 at 3 cents under the spot and immediately sells it for 1 cent over the spot price. What is the total profit, from both the spot and futures markets, per bushel of the elevator operator? a loss of 6 cents none of these other answers are correct a loss of 6 cents O a gain of 5 cents a gain of 4 cents Question 22 4 points Saved An elevator operator typically purchases huge amounts of grain from farmers. Assume the following prices, Date Spot Price /Bu March Futures Price September 1 $2.10 $2.34 October 1 $2.05 $2.20 November 1 $2.20 $2.38 It costs the elevator $0.05/Bu/ month to store the grain. An elevator purchases grain from a farmer on September 1. He has no immediate buyer, so he puts it into storage and hedges. On November 1 he has a buyer at one cent over the spot price. He thus sells his grain at that price and immediately liquidates his hedge. What is the total profit per bushel, from both the spot and futures markets, of the elevator operator? gain of 6 cents What is the total profit per bushel, from both the spot and futures markets, of the elevator operator? a gain of 6 cents a gain of 4 cents a loss of 5 cents a loss of 3 cents none of these other answers are correct