27. On 1 January, you sold one March S&P 500 index futures contract at a futures price of 1400. If the March futures price is 1350 on 1 February, your profit would be ___________ if you close your position. The delivery is of 250 times the value of the index. Ignore brokerage and transactions costs.

Select one:

a.

$12,500

b.

$15,000

c.

-$15,000

d.

-$12,500