Suppose a gold mining company has a short hedge on 1000 ounces of gold using futures contracts. The futures price at the initiation of the hedge was $1800 per ounce; however, 6 months later at the time of gold sale, the spot price is $1700 per ounce and the futures price is $1720 per ounce. What is the realized revenue of the gold from the short hedge?   a. $1,720,000 b. $1,730,000 c. $1,740,000 d. $1,780,000

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