1A U.S. company purchases a 90-day certificate of deposit from a Singapore bank on May 15, when the spot rate is $0.72/S$. The certificate has a face value of S$1,000,000 and pays interest at an annual rate of 3 percent. On August 13, the certificate of deposit matures and the company receives principal and interest of S$1,007,500. The spot rate on August 13 is $0.69/S$. The average spot rate for the period May 15 - August 13 is $0.70/S$. The company's accounting year ends December 31.

The total exchange gain or loss on this investment is:

A.$20,000 loss

B.$20,000 gain

C.$30,000 gain

D.$30,000 loss