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A financial institution plans to satisfy cash needs in nine months by selling its Treasury bond holdings for $4 million. However, the firm is concerned that interest rates might increase over the next three months. To hedge against this possibility, the firm plans to sell Treasury bond futures. Thus, it sells 40 futures contract for a price of 99-12. Assuming that the actual price of the futures contract declined to 97-20, the firm would make a ____ of $____ from closing out the futures position.

frm awi malr of if fines slauks met ove hates pivition. A) pefle thisio. B) Las btick E los rroinos D) ries steme flem woald make i. of 5 ___ frem cioviat oret the futures ponitioa. A) profit, 576,100 B) los576.500 C) 1ess: 570.000 D) prafi: 570,500