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A trader enters into a short cotton futures contract when the futures price is 50...

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A trader enters into a short cotton futures contract when the futures price is 50 cents per pound. The contract is for the delivery of 50,000 pounds. How much does the trader gain or lose if the cotton price at the end of the contract is 51.20 cents per pound? Please enter your answer as a number (no dollar sign) and put a minus sign in front of it if it is negative

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