Question 13 (1 point) An investor is short 10 December S&P 500 Index futures contracts at a price of 1,000. Each futures contract has an underlying value equal to $250,000. The investor does not offset his contracts before they expire. If at expiration the S&P 500 is at a level of 950, which of the following will happen? a) The investor will have to sell shares in the companies of the S&P 500 at a price based on an index level of 950. b) The investor will have to sell shares in the companies of the S&P 500 at a price based on an index level of 1,000. c) The investor will make a cash payment based on the difference between 1.000 and 950. d) The investor will receive a cash payment based on the difference between 1.000 and 950