An investor enters into a forward contract to sell 4,000 barrels of oil in three months at $75 a barrel. At the maturity of the contract the spot price of oil is $65 a barrel. The investor's payoft (gain/loss) from the forward contract is: o a. A loss of $40,000 O b. A gain of $240,000 O c. A gain of $40,000 O d. A loss of $240,000