On June 15 you have a July futures call option on Silver at 56 cents/ounce. One futures contract is 500 ounces. The futures price for silver on a July delivery is currently 67 cents/ounce. At the close of trading on June 14 the price was 66 cents/ounce. Find the payoff when you exercise the call. Find the payoff if the futures contract is closed immediately.