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The contrct size for platinum futures is 50 troy ounces. SUppose you need 600 troy ounces...

The contrct size for platinum futures is 50 troy ounces. SUppose you need 600 troy ounces of platinum and the current futures price is $1,030 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 $1,070 a troy ounce when the futures contract expires? What if the price is $975 at expiration?

Contracts to purchase?
Purchase price?

Dollar profit at $1,070?
Dollar profit at $975?

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