Questions 4-7 are based on the following information:

On March 1, 2020, the gold spot price was $1100/oz and 5-month Futures price was $1200/oz. The term structure of interest rates was flat (i.e., all zero rates were the same). During 1 month (from March 1^st to April 1^st), the spot price increased to $1115 while the Futures price on this contract decreased to $1190. On April 1^st, the interest rate structure was flat as well. The size of the futures contract is 1oz and futures prices are always equal to forward prices

Question 7: Assume on March 1, 2020 you bought a 1-month call option on a Futures contract that matures on August 1, 2020 for $145 with a strike price of $1070. Ignoring time value of money, what is your profit or loss from this option as of April 1, 2020?