A dealer quotes a forward rate agreement (FRA) expiring in 30 days, for which the underlying is 90-day LIBOR, at 4.5%. An investor shorts the contract and the dealer goes long for a notional principal of $15 million. At the expiration of the FRA the rate on 90-day LIBOR is 4.0%. The investor is most likely to:

A.Pay the dealer $6,229.

B.Pay the dealer $18,564.

C.Receive from the dealer $18,564