You speculate in crude oil futures. Last month, you purchased ten January futures contracts at a quoted price of 99.91. These contracts are based on 1,000 barrels and quoted in dollars per barrel. Assume the actual price per barrel is $60.20 in January. How much did you gain or lose by hedging your position? O $39,710 gain $397,100 loss O $601,458 loss O $39,710 loss $601,458 gain