Smith Farm maintains an inventory of $1,000,000$ pounds of sugar. To hedge a portion of this inventory, the firm sold seven futures contracts at a rate of $10\mathrm{.}50.$ These futures contracts are based on $112,000$ pounds and quoted in cents per pound. Concurrently, the spot rate for sugar was $11\mathrm{.}75.$ How much profit did the firm forgo due to this hedge?

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