An investor sells a futures contract an asset when the futures price is $1,500. Each contract is on 100 units of the asset. The contract is closed out when the futures price is $1,540. Which of the following is true?

Select one:

a.

The investor has made a gain of $4,000

b.

The investor has made a loss of $4,000

c.

The investor has made a gain of $2,000

d.

The investor has made a loss of $2,000