Question: 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

12. On July 1s two September live cattle contracts are sold

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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