24. A manager has $10,000,000 of his index equity investment. The dealer quotes a price of $2,000 on a forward contract covering $10,000,000 of index investment. Suppose the manager long a forward contract. Assume the contract will be cash settled. At the expiration, the index decreases to $1,900. What is the total profit or loss of the manager? A. Zero. B. Profit of $500,000 C. Loss of $500,000 D. Profit of $1,000,000 E. Loss of $1,000,000