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Consider a put contract on a T-bond with an exercise price of 10212/32. The contract represents $100,000 of bond principal and had a premium of

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Consider a put contract on a T-bond with an exercise price of 10212/32. The contract represents $100,000 of bond principal and had a premium of $700. The actual T-bond price falls to 9916/32 at the expiration. What is the gain or loss on the position? $ (Round your rosponse to the nearest whole number.)

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