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A French bank enters into a 6-month forward contract with an importer to sell GBP 40 million in 6 months at a rate of EUR 0.80 per GBP. If in 6 months the exchange rate is EUR 0.85 per GBP, what is the payoff for the bank from the forward contract?
A
EUR -2,941,176
B
EUR -2,000,000
C
EUR 2,000,000
D
EUR 2,941,176