Clarke Bank plans to satisfy cash needs in nine months by selling its Treasury bond holdings for $4 million. However, Clarke is concerned that interest rates might increase over the next three months. To hedge against this possibility, Clarke plans to sell Treasury bond futures. Clarke sells 40 futures contract for a price of $99.375. Assuming that the actual price of the futures contract declined to $97.625, Clarke would make a ____ of $____ from closing out the futures position. Gain of $7,000,000 Loss of $7,000,000 Gain of $7,500,000 Loss of $7,500,000 Please provide stepy by step solution.