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CFA Level 1 Exam

3959 Questions

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Question No. 1

Bill Turner, CFA, is short a futures contract on wheat. Turner entered into the futures position three months ago at a contract price of $50. The contract expiration is tomorrow. The settlement prices for the past four days (from oldest to most recent) were $56, $53, $49, and $52. If the settlement price on the expiration day is $57, which of the following best describes a method Turner is most likely to use to terminate his futures contract?

Choose the correct option from the given list.
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