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You buy a 3-month call option (strike price = $31) on a 6-month futures contract. The call option has a premium of $3.80. The futures

You buy a 3-month call option (strike price = $31) on a 6-month futures contract. The call option has a premium of $3.80. The futures contract has a price of $31.20. When the option is about to expire, newly-created futures contracts on the same underlying asset have a price of $35.59. You make the appropriate decision (based on the info you have at the time) of whether to exercise the call. When the futures contract matures, the underlying asset is worth $30.95. What is your overall net payoff from this "futures option" position that you took?

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