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A speculator has a long forward contract with Forward or Delivery Price ( F 0 or K ) = $250. The Spot Price at delivery

A speculator has a long forward contract with Forward or Delivery Price (F₀or K) = $250. The Spot Price at delivery date (S_T) = $275. Which of the following is the correct payoff to this long forward at delivery date (time T)?

-25 (negative)
0 (zero)
+25 (positive)
+275 (positive)

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