Assume the Futures Contracts on Silver Are Quoted in Dollars

Multiple Choice

Assume the futures contracts on silver are quoted in dollars per troy ounce with a contract size of 5,000 troy ounces.Contract quotes for the day included an open value of $16.650,a high of $16.660,a low of $16.620,and a settle of $16.645.If you purchased three contracts at the closing price what was the dollar cost of your purchase ignoring all transaction costs?

A) $83,250
B) $82,500
C) $249,675
D) $249,750
E) $83,225