Suppose a speculator sold Canadian dollar (C$) futures in the amount of C$500,000 with a futures price of $0.785/C$ at the time he sold the futures. Assume that the speculator will maintain his futures position until expiration and ignore transaction costs (e.g., broker fees). If the spot rate is $0.811/C$ on the expiration date, what is the speculator's total net profit from this speculation? Positive answers denote a positive net profit (gain) and negative answers denote a negative net profit (loss).

$13,000

-$13,000

none of these answers are correct

$26,000

-$26,000