Given the following information on a gold futures contract, calculate the net profit/loss for the contract buyer if the spot price of gold drops to $1,100/troy oz.

Futures Contract Price

$1,200.00/troy oz

Initial Spot Price

$1,200.00/troy oz

Contract Size

100 troy oz

Number of Contracts

20

Initial Margin Per Contract

$5,000/contract

Maintenance Margin Per Contract

$4,500/contract

Tick Size

$0.10/troy oz