QUESTION 17 An investor purchased $5 million of five-year CDS protection. The CDS contract has a duration of 5 years. The company's credit spread was originally 300 bps but now widens to 400 bps. Which of the following is most likely? a) The protection buyer profits and his profit approximately equals $250,000. b) The protection seller profits and his profit approximately equals $250,000. c) The protection buyer profits and his profit approximately equals $50,000. OC