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You speculate in crude oil futures. Last month, you purchased ten January futures contracts at...

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Accounting

You speculate in crude oil futures. Last month, you purchased ten January futures contracts at a quoted price of 99.91. These contracts are based on 1,000 barrels and quoted in dollars per barrel. Assume the actual price per barrel is $60.20 in January. How much did you gain or lose by hedging your position?

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