You hedged a $2,000,000 portfolio of stocks that you manage by selling eight S&P 500 futures contracts at 1,450. Each contract is worth $250 per index point. Recently, your portfolio lost 4% of its value and the S&P 500 declined to 1,400. Determine the total (spot plus futures) gain (loss).

a. $80,000

b. $20,000

c. ($20,000)

d. (80,000)

e. (180,000)