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[1 point) Jacob went long on five call option contracts on August 1st when the spot price on the underlying stock is $34. The strike

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[1 point) Jacob went long on five call option contracts on August 1st when the spot price on the underlying stock is $34. The strike price on the options contract is $37.50. Assume Jacob exercises the option when the stock's spot price reaches $41. The price of the call option is $1.60. What is the total net profit from the trade if each contract is for 100 shares

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