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Suppose a market participant has one October futures put option on wheat with a strike price of 700 cents per bushel. One futures contract is

Suppose a market participant has one October futures put option on wheat with a strike price of 700 cents per bushel. One futures contract is on 5,000 bushels of wheat. Suppose that the current futures price of wheat for October delivery is 677 cents, and the most recent settlement price is 675 cents. How much is the net payoff from exercise?

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