Suppose an importer, who expects to receive his shipment of raw materials worth 15,000 in three months, enters into a forward contract where E/$ is 0.80. If at the time of delivery of the raw materials E/$ = 0.83, how much does the trader benefit/lose by entering into the forward contract?

a. He/she loses by $677.71

b. He/she gains by $677.71

c. He/she gains by $450

d. He/she loses by $450

e. He/she loses by $227.71