Question: At date t, a trader takes a short position in a forward contract on gold. The date t forward price is $1,831.49 per ounce of

At date t, a trader takes a short position in a forward contract on gold. The date t forward price is $1,831.49 per ounce of gold and the contract size is 139 ounces. At the contract's expiration date, the spot price of gold is $1,807.53 per ounce.

What is the value of the trader's total payoff at the contract's expiration date?

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