A regional bank negotiates the purchase of a one-year interest rate cap with a cap rate of 5.45 percent with a large bank. The option has a notional principle of $2 million and costs $3,400. In one year, interest rates are 6.33 percent. The regional bank's net profit, ignoring commissions and taxes, was: Select one: a. $105,600 b. $18,400 c. $17,600 d. $14,200 e. $11,500