A company receives most of its revenues in May. The company is concerned that spring weather may be cooler than normal, which would adversely affect its business. The average May CDD level for its operation region is 100. The firm locks in 100 by taking a position in May CDD futures contract with a payoff of $20 per index point. The month of May turns out warm with only four days below 65F.

Day 1 60F

Day 2 58F

Day 3 57F

Day 4 61F

On the other 27 days, temperature exceeds 65F by an average of 3 degrees per day.

What is the payoff on the CDD futures position?