In 3 months an investor plans to invest $10 million in 90-day Treasury bills. The current 90-day Treasury bill rate is 5.50%. If the Treasury bill rate falls to 5.20% in 3 months, what is the approximate gain (loss) for the investor?

Group of answer choices The investor gains $7,000 because of the 30 basis point decline in interest rates The investor loses $7,000 because of the 30 basis point decline in interest rates The investor loses $30,000 because of the 30 basis point decline in interest rates The investor gains $30,000 because of the 30 basis point decline in interest rates The investor loses $3,000 because of the 30 basis point decline in interest rates