(Solution Download) The contract size for platinum futures is 50 troy ounces. Suppose you need 500 troy ounces of platin

 The contract size for platinum futures is 50 troy ounces. Suppose you need 500 troy ounces of platinum and the current futures price is \$1,320 per ounce. How many contracts do you need to purchase? How much will you pay for your platinum? What is your dollar profit if platinum sells for \$1,350 a troy ounce when the futures contract expires? What if the price is \$1,265 at expiration? (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole number. Omit the "\$" sign in your response.)

 Contracts to purchase Purchase price \$ Dollar profit at \$1,350 \$ Dollar profit at \$1,265 \$

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