The current price of the Exchange Traded Fund YHT, which does not pay dividends, is $48.25 per share. Your position, worth 38600 dollars, consists entirely of YHT shares. The effective 3-month interest rate is 0.75%. The futures contract (1 stock per contract) on YHT a with 3-month maturity is trading at fair value. To protect your position against potential losses, you decide to partially hedge by selling 680 YHT futures that expire in 3 months. You have built a proprietary model according to which the 3-month net return on YHT will be between -18% and 23%. What is the lowest possible value of your combined position in 3 months based on your model?