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Alexander and Serena agreed several months ago, in a forward contract, that today Alexander will pay Serena a total of $120,000, and at the same

Alexander and Serena agreed several months ago, in a forward contract, that today Alexander will pay Serena a total of $120,000, and at the same time Serena will deliver 85 ounces of gold to Alexander. Today, gold is trading at $1,136 per ounce. Find Serena's total payoff on the contract as whole (not just per ounce).

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