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 × 5,000 × ($9.720 - $10.420) = -$7,000

You Purchased Two May Futures Contracts on Silver When the Price