The spot rate of the Euro is $1.45 (i.e. 1 EUR = 1.45 USD) and the one-year futures price on the EUR trades a discount of 5.1%. You take out a short position in three futures contracts on EUR expiring in one year's time. In one year's time, the EUR's value has depreciated against the USD by 3.7%. A futures contract is for 16,000,000 EUR. Determine the total dollar amount of profit or loss from your position.

	a.	Loss of $324,800
	b.	Profit of $324,820
	c.	Profit of $974,400
	d.	Loss of $974,400