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On March 1, the price of gold is $300 and the December futures price is $315. On November 1, the price of gold is $280

On March 1, the price of gold is $300 and the December futures price is $315. On November 1, the price of gold is $280 and the December futures price is $281. A gold producer entered into a December futures contracts on March 1 to hedge the sale of gold on November 1. It closed out its position on November 1. What is the effective price received by the producer for gold?

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