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5 January, 18:22

A corn futures contract closed yesterday at a price of $2.40 a bushel. The maximum daily price range is $0.40 and the daily price limit is $0.20. Therefore, the: Question 1 options: a) highest closing price for today is $2.80 a bushel. b) most the price can fluctuate today is $0.20 a bushel. c) minimum change in the price today is $0.20 a bushel. d) lowest closing price for today is $2.20 a bushel.

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  1. 5 January, 18:36
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    D - lowest closing price for today is $2.20 a bushel.

    Explanation:

    Range refers to the difference between the highest and lowest value of any variable for a given time period. The daily price limit refers to the maximum increase in price or the price decline that is allowed for a futures contract in one given trading session relative to the previous day's settlement price.

    With this in mind, the right option is

    D - lowest closing price for today is $2.20 a bushel.

    This is worked out as $2.40 - $0.20 = $2.20
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