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The spot price of the market index is $905. A 9-month forward contract on this index is priced at $950. The market index rises to

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The spot price of the market index is $905. A 9-month forward contract on this index is priced at $950. The market index rises to $935 by the expiration date. The annual rate of interest on treasuries is 3.6% (0.3% per month). What is the difference in the payoffs between a long index investment and a long forward contract investment? (Assume monthly compounding.) $20.27 $15.00 O $45.00 O$17.58

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