Imagine an investor who purchased a call option with a strike price of 100 for 20. The value of the underlying asset on the date when the option expires is equal to 85. What is the total payoff to the investor in such a case? = Consider a farmer who chooses to sell a futures contract at time t. The contract is worth F(t,T) = 120 and stipulates a delivery of 10 tonnes of wheat on date T. Imagine that at time t - the time of harvest - the contract is worth F(tH,T) = 150. It turns out that the farmer harvests 10 tonnes of wheat on the date of harvest. The value of wheat in the spot market on the harvest date is equal to 14 per tonne. What is the total payoff to the farmer if she sells her wheat in the spot market and settles her positions in the futures market by off-set?