The S&P$/$ASX$200$ market index is currently $6800.$ You predict

that the market will rise substantially in coming weeks and are

prepared to speculate on this prediction.You enter $40$ long call options written on the S&P$/$ASX$200$

index. The options have a strike price of $7100.$On the expiry date of these options, the S&P$/$ASX$200$ index

sits at $7050.$What is the gross payoff $($in dollars$)$ on your index

option speculation?