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Laura sells an S&P 500 futures contract with a September settlement date when the index is 1610. By the settlement date, the S&P 500 index

Laura sells an S&P 500 futures contract with a September settlement date when the index is 1610. By the settlement date, the S&P 500 index falls to 1400. The return on Laura's position in the S&P 500 futures contract is ____ percent.

a.

25

b.

-20

c.

-10

d.

20

e.

15

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