Entering into the forward contract the company made a profit

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Question 1: An Australian gold mining company was impressed that it could sell gold one year forward at a price of US$370 per ounce when the current spot price was US$300 per ounce. The company considered it unlikely that the spot price would rise above US$350 per ounce over the next twelve months and therefore sold 15,000 ounces forward at US$370 per ounce. By the contract settlement date the spot price of gold had risen to US$400 per ounce and the company had produced 10,000 ounces of gold at a cost of US$290 per ounce. By entering into the forward contract the company made a profit/loss of:

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