You purchased two May futures contracts on silver when the price quote was 10.420.Given today's closing prices as shown in the table,your total profit or loss to date is:
Silver - 5,000 troy oz.: Dollars and cents per troy oz. $$\begin{array} { | r | r | r | r | r | r | }
\hline & \text { Open } & \text { High } & \text { Low } & \text { Settle } & \text { Chg } \
\hline \text { Mar } & 10.190 & 10.250 & 9.600 & 10.387 & - 0.484 \
\hline \text { May } & 9.655 & 9.740 & 9.655 & 9.720 & - 0.500 \
\hline
\end{array}$$
A)-$7,000
B)-$3,500
C)-$700
D)-$350
E)$70

Question

You purchased two May futures contracts on silver when the price quote was 10.420.Given today's closing prices as shown in the table,your total profit or loss to date is:
Silver - 5,000 troy oz.: Dollars and cents per troy oz. $$\begin{array} { | r | r | r | r | r | r | } 
\hline & \text { Open } & \text { High } & \text { Low } & \text { Settle } & \text { Chg } \
\hline \text { Mar } & 10.190 & 10.250 & 9.600 & 10.387 & - 0.484 \
\hline \text { May } & 9.655 & 9.740 & 9.655 & 9.720 & - 0.500 \
\hline
\end{array}$$
A)-$7,000
B)-$3,500
C)-$700
D)-$350
E)$70

Quizplus · Accepted Answer

Total loss to date = 2 × 5,000 × ($9.720 - $10.420) = -$7,000

You Purchased Two May Futures Contracts on Silver When the Price