Use the following wheat futures quotes to answer this question.

-By how much did today's settlement price per bushel for the Mar 08 wheat futures contract increase over the prior day's settlement price?
A) $0.3020
B) $0.3025
C) $30.20
D) $30.25
E) $30.50

Question

Use the following wheat futures quotes to answer this question.
 
-By how much did today's settlement price per bushel for the Mar 08 wheat futures contract increase over the prior day's settlement price?
A) $0.3020 
B) $0.3025 
C) $30.20 
D) $30.25 
E) $30.50

Quizplus · Accepted Answer

The settlement price for Mar 08 wheat futures contract on the prior day was 493'4. Today's settlement price is 493'7. To calculate the increase, we subtract the prior day's settlement price from today's settlement price: 493'7 - 493'4 = 0.25/8 = $0.3125. Rounded to the nearest cent, the increase is $0.30, which corresponds to answer choice B.

Use the Following Wheat Futures Quotes to Answer This Question