An investor goes long an FRA that expires in 30 days for which the underlying is 90-day LIBOR for a notional of $10 million. A dealer quotes this instrument at 4.5 percent. At expiration, 60-day LIBOR is 3.5 percent and 90-day LIBOR is 4 percent. The payment made at expiration is closest to:()
A. $12 376 from the investor to the dealer.
B. $12 376 from the dealer to the investor.
C. $16 570 from the investor to the dealer.