A company has an existing $197358 promissory note facility, which it will roll over in 90 days. It is concerned that int

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A company has an existing $197358 promissory note facility,
which it will roll over in 90 days. It is concerned that interest
rates will rise before the roll-over date and enters into a 90-day
bank-accepted bill futures contract at 99.10. Three months later,
the company closes out its futures position at 98.60. Using the
following data, calculate the profit or loss position of the
futures transactions. (Disregard margin calls and transaction
costs.)
a.
1225.91
b.
241.94
c.
-241.94
d.
-1225.91