The Chicago Mercantile Exchange trades futures contracts on "Rough Rice". Each futures contract covers 100 metric tonnes of Rough Rice. You enter a short rough rice futures position with a future price (F) of $12 per metric tonne. Six weeks later, you close out this futures position when the rough rice future price is $16. What is the profit or loss on your futures trading? Do not enter the dollar sign (S). Select one: O $400 loss O $1600 profit O $1200 profit $1600 loss $1200 loss $400 profit