A Bank Owns Eurodollar CDs with a Current Market Value

A bank owns Eurodollar CDs with a current market value of $9,700,000 that will be sold to make loans three months from now, and wants to hedge against a rise in interest rates that would result in having to sell the Eurodollar CDs at a lower price. The bank takes a short position with 10 Eurodollar Futures Contracts (minimum contract $1 million) for a futures price of $9,810,000 based on the discount rate quoted. If three months later the new T-bill price is $9,680,000 for the sale of the T-bills by the bank, and the new Eurodollar CD futures price is $9,800,000, what is the net hedging result?

A) Net Hedging Gain of $10,000
B) Net Hedging Loss of $10,000
C) Net Hedging Gain of $20,000
D) Net Hedging Loss of $20,000