The price of gold went up to 525 an ounce by the expiration, Financial Management

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The price of gold went up to 525 an ounce by the expiration

With regard to futures options, how much profit would an investor make if she bought a call option on gold at 7.20 when gold was trading at $482 an ounce, given that the price of gold went up to $525 an ounce by the expiration date on the call? (Note: Assume the call carried a strike price of 480.)

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Financial Management: The price of gold went up to 525 an ounce by the expiration

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