Problemthe contract size for platinum futures is 50 troy, Ask an Expert

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The contract size for platinum futures is 50 troy ounces. Suppose you need 500 troy ounces of platinum and the current futures price is $1,265 per ounce. How many contracts do you need to purchase? How much will you pay for your platinum? What is your dollar profit if platinum sells for $1,290 a troy ounce when the futures contract expires? What if the price is $1,210 at expiration? Clarify in detail and specify all calculation and formulas.

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