An investor purchases 1 million Canadian Dollars (CAD) for delivery against the Euro in nine months at an all-in forward rate of 1.4301 (EUR/CAD). Three months later, the bid-offer quotes for spot and forward points six months prior to the settlement date are as follows:

• Spot (EUR/CAD): 1.4011 / 1.4202
• 6-month points: 46 / 50
• 180-day MRR (EUR) annualized: 2.5%

Note: EUR/CAD is the amount of EUR per 1 CAD.

If the investor wants to close out his position today, the mark-to-market value of the original forward contract is closest to: