The current price of the Exchange Traded Fund X, which does not pay dividends, is $53.25 per share. Your position, worth 42600 dollars, consists entirely of X shares. The effective 3-month interest rate is 0.75% and futures contracts on X with 3-month maturity are trading at fair value. To protect your position against potential losses, you decide to partially hedge by selling 680 X futures that expire in 3 months. You have built a proprietary model according to which the 3-month net return on X will be between -17% and 16%. What is the lowest possible value of your combined position in 3 months based on your model?