The current price of the Exchange Traded Fund YHT, which does not pay dividends, is $11.75 per share. Your position, worth 9400 dollars,consists entirely of YHT shares. The effective 3-month interest rate is 0.75% and futures contracts on YHT with 3-month maturity are trading at fair value. To protect your position against potential losses, you decide to partially hedge by selling 720 YHT futures that expire in 3 months. You have built a proprietary model according to which the 3-month net return on YHT will be between -22% and 23%. What is the lowest possible value of your combined position in 3 months based on your model?