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Suppose you enter the following contract: you buy the right to sell 5,000 troy ounces of silver by February 20 at a price of $24/troy

Suppose you enter the following contract: you buy the right to sell 5,000 troy ounces of silver by February 20 at a price of $24/troy ounce; you pay $1.25/troy ounce for this right. Which type of contract is this? (Highlight the correct answer)

1. forward

2. futures

3. call option

4. put option

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