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Suppose you purchase a put contract on a T-bond with an exercise price of 103. The bond represents $100,000 of bond principal, and has a

Suppose you purchase a put contract on a T-bond with an exercise price of 103. The bond represents $100,000 of bond principal, and has a premium of $1,000. If the actual T-bond price rises to 105, what is the net gain/loss per contract on the position?

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