Suppose the stock of Company J pays no dividends and has a current price of $90.00. The forward price for delivery in 1 year is $93.60, and the effective annual interest rate is 4%. What would be the profit on a short forward position if the stock price is $109.80 when the forward contract expires?

a. $16.20

b $3.60

c $-16.20

d $19.80

e $-19.80