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What are the farmer's net proceeds when corn is sold?

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A farmer enters into a short corn futures contract at a price of $2.80 per bushel. The spot price of corn drops to $2.65 when the contract expires and the farmer delivers her corn.

If the farmer harvested 13,000 bushels of corn and had futures contracts on 10,000 bushels of corn, what are the farmer's net proceeds when corn is sold?

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This solution is comprised of a detailed explanation to answer if the farmer harvested 13,000 bushels of corn and had futures contracts on 10,000 bushels of corn, what are the farmer's net proceeds when corn is sold.

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Is the answer $34,450, $35,950, $36,400, or $37,240?
A farmer enters into a short corn futures contract at a price of $2.80 ...

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