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Suppose that a trader enters into a long futures position for 1000 oil barrels with a delivery date on December 2016 and a future price

Suppose that a trader enters into a long futures position for 1000 oil barrels with a delivery date on December 2016 and a future price of $40 per barrel. Suppose that on delivery date, the spot price of oil is $45 per barrel. What is the payoff to the long position?

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