Consider a speculator who has a bearish view on the ASX$200.$ The speculator seeks to use

$$500,000$ to take the appropriate position in SPI$200$ futures which are currently traded at

$5,800$ points. Each SPI futures contract requires a $$20,000$ margin and each point is worth

$$25.$ Assume that the SPI$200$ futures contract increases by $6\%$ and the speculator closes out

their position. The speculators total profit or loss is

$($a$)$ $$8,700$ loss

$($b$)$ $$217,500$ profit

$($c$)$ $$8,700$ gain

$($d$)$ $$219,500$ loss

$($e$)$ None of the above