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Farmer Michael sells 4 million bushels of corn at a spot price of $2.10 per bushel. The total cost of production was $9.2 million. The

Farmer Michael sells 4 million bushels of corn at a spot price of $2.10 per bushel. The total cost of production was $9.2 million. The farmer has an effective tax rate of 25%. If the farmer shorted a futures contract at a price of $2.40 per bushel on 4 million bushels, what is the farmer's net loss or gain?

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