Question: Use the following corn futures quotes: Corn 5,000 bushels Contract Month Mar May July Sep Open 455.125 467.ee 477.000 475.000 High 457.000 468.000 477.500 475.500

Use the following corn futures quotes: Corn 5,000 bushels Contract Month Mar May July Sep Open 455.125 467.ee 477.000 475.000 High 457.000 468.000 477.500 475.500 Low 451.750 463.000 472.589 471.750 Settle 452.000 463.250 473.eee 472.250 Chg -2.750 -2.750 -2.000 -2.000 Open Int 597,913 137,547 153,164 29,258 Suppose you sell 22 of the May corn futures at the high price of the day. You close your position later when the price is 464.750. Ignoring commission, what is your dollar profit on this transaction? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Dollar profit

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