5 Suppose That On October 24 2006 You Take A Short Position In An April 2007 Live Ca 3819023

5.Suppose that on October 24, 2006, you take a short position in an April 2007 live cattle futures contract. You close out your position on January 21, 2007. The futures price (per pound) is 61.20 cents when you enter into the contract, 58.30 cents when you close out your position, and 58.80 cents at the end of December 2006. One contract is for the delivery of 40000 pounds of cattle. What is your total profit?

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