Suppose a market participanthas 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 thenet payoff from exercise?

****Please show step by step, formulas (which formulas goes where) and if any number is added to the problem that is not in the question please include where it is coming from and why.

Thank you !!!