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An investor takes a short position of FIVE forward contracts for the S&P 500 at a forward price of 2,500. Each contract has a notional

An investor takes a short position of FIVE forward contracts for the S&P 500 at a forward price of 2,500. Each contract has a notional value of 250 shares. One month later the index has a value of 2,615. What is the total gain or loss on the position, in dollars?

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