Consider a portfolio manager with a $20,500,000 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 1,250 and has a multiplier of 250 . The portfolio beta is 1.25 . Refer to Exhibit 15.10. Assume that a month later the equity portfolio has a market value of $20,000,000 and the stock index future is priced at 1,150 with a multiplier of 250 . Calculate the overall profit. a. $5,000,000 b. $1,550,000 c. $2,050,000 d. $2,400,000 e. $2,000,000