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10. An investor buys a July call futures option contract on gold. The contract size is 100 ounces. The strike price is 1500. The

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10. An investor buys a July call futures option contract on gold. The contract size is 100 ounces. The strike price is 1500. The investor exercises the option when the July gold futures price is 1535 and the most recent settlement price is 1531, and immediately closes out the resulting futures position. What is the total payoff received by the investor? A) $3500 B) $310 C) $3100 D) $350 E) $150,000

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