Consider a portfolio manager with a $10,000,000 equity portfolio under management. The manager wishes to hedge against a decline in share values using stock index futures. Currently a stock index future is priced at 1,350 and has a multiplier of 250 . The portfolio beta is 1.50 . Refer to Exhibit 15.13. Assume that a month later the equity portfolio has a market value of $10,000,000 and the stock index future is priced at 1,300 with a multiplier of 250 . Calculate the profit (loss) on the stock index futures position