The price of an S&P 500 Index futures contract is $988.26 when you decide to enter a long position. When the position is closed the futures price is $930.32. If there are no settlement requirements, what is your dollar gain or loss? (Ignore opportunity costs.)
A) $14,485 loss
B) $14,485 gain
C) $57.94 loss
D) $57.94 gain