13. Which of the following is true about a long forward contract? a. The contract becomes more valuable as the price of the asset declines. b. The contract becomes more valuable as the price of the asset rises. C. The contract is worth zero if the price of the asset declines after the contract has been entered d. into. The contract is worth zero if the price of the asset rises after the contract has been entered into. 14. An investor sells a futures contract an asset when the futures price is $1,500. Each contract is on 100 units of the asset. The contract is closed out when the futures price is $1,540. Which of the following is true? The investor has made a gain of $4,000 b. The investor has made a loss of $4,000 The investor has made a gain of $2,000 d. The investor has made a loss of $2,000 a. C. 15. Which of the following describes European options? a. Sold in Europe b. Priced in Euros C Exercisable only at maturity d Calls (there are no European puts)