3. A portfolio manager will sell 30,000 shares of Apple in three months. She is concerned the stock price will decline during those three months, so she enters into an equity forward contract to sell 30,000 shares of Apple in three months for $120 per share. When the contract expires, Apple is trading at $130 per share. She will end up

A. paying $3.6 million to the dealer. B. receiving $3.6 million from the dealer. C. paying $3.9 million to the dealer. D. receiving $3.9 million from the dealer.