You purchased four August 09 futures contracts on soybeans at a price quote of 1156'6. Each contract is for 5,000 bushels with the price quoted in cents and 1/8 ths of a cent per bushel. Assume the contract price is 116'4 when you close out your contract six weeks from now. What will be your total profit or loss on this investment?
A) $950
B) -$238
C) $6,480
D) $16,200
E) $24,000

Question

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The Answer of You purchased four August 09 futures contracts on soybeans at a price quote of 1156'6. Each contract is for 5,000 bushels with the price quoted in cents and 1/8 ths of a cent per bushel. Assume the contract price is 116'4 when you close out your contract six weeks from now. What will be your total profit or loss on this investment?
A) $950
B) -$238
C) $6,480
D) $16,200
E) $24,000

You Purchased Four August 09 Futures Contracts on Soybeans at a Price