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A speculator takes a long position in eight cheese futures contracts (yes they really exist) at an initial futures price (F 0 ) = $1.779.

A speculator takes a long position in eight cheese futures contracts (yes they really exist) at an initial futures price (F0) = $1.779. Each contract calls for delivery of 20,000lb of cheese in December 2021. If the price of cheese on the delivery date (FT) = $1.831, what is the total gain or loss of the speculator at the delivery date of the contract?

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