Compute the dollar profit or loss from borrowing the present value of $$5,000,000$ at one month LIBOR and lending the same amount at two month LIBOR while simultaneously selling one November Fed funds futures contract. Assume that rates on November $1$ were $7$ percent, there is no basis risk, and the position is unwound on November $1.$ Select the closest answer.$$

the correct answer is: $$$$3,150.$ please explain how