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The manager of a large equity portfolio is short a $10 million forward contract on the S&P 500 Index at 1000. The index is currently 940 and at contract expiration, the index is 950. At expiration the manager: A. will make a payment of $105,263 since the index has increased 1.05263%. B. receives a payment of 50 times the contract multiplier at expiration. C. will receive a payment of $500,000. |