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.
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. 
A)-$7,000 
B)-$3,500 
C)-$700 
D)-$350 
E)$70

Quizplus · Accepted Answer

Total loss to date = 2 F1F1F1S1F1F1F10 5,000 F1F1F1S1F1F1F10 ($9.720 - $10.420) = -$7,000

You Purchased Two May Futures Contracts on Silver When the Price