An equity fund manager's portfolio consists of securities valued at $3.2 million with a portfolio beta of 2.5. The manager is concerned about a short term market drop and would like to reduce the portfolio's beta until November to 1.6 by selling December S&P 500 e-mini futures contracts. The S&P 500 (Our market proxy) is currently at 2500 and the futures' contract multiplier is $50. In November, the fund manager liquidates the hedge when the portfolio value if $3 million and the S&P is at 2550. What was the profit on the hedged portfolio?