You and your client have been discussing short-term and long-term yields. You have noticed that short-term yields appear to be increasing and therefore decide to place a bear call spread in options on bond futures (contract size=$ 100,000).At present, March futures contracts are selling at 76-00. For your customer, you buy 5 March 76 Calls for a premium of 3-20/64 and sell 5 March 70 Calls for a premium of 6-25/64. In placing this spread, you know in advance that your customer's maximum net loss is: