On Dec 1, 2015, XYZ (a US firm) entered into a transaction to import raw materials from EU country. The account is to be settled Mar 1, 2016 with the payment of 50,000 euros. The spot rates and the forward rates are as follows: Spot Rate Forward Rate Date Sper euro (Mar 1 Settlement). Dec 1 $1.00 $1.03 Mar 1 $1.04 If XYZ uses a forward contract to hedge the payable, what is the overall transaction gain or loss? O a. $2,000 gain O b. $1,500 loss O c. $2,000 loss O d. $1,500 gain