You short an interest rate futures contract that has an initial margin requirement of 15% and a futures price of $105,095. The contract has a $100,000 underlying par value bond. If the futures price falls to $103,000, you will experience a profit/loss of ______ on your money invested.

Multiple Choice

a. 41% loss

b. 23.57% loss

c. 13.29% profit

d. 31.25% profit