单选题 An analyst does research about an equity swap. An asset manager enters into a swap with a dealer. At the end of each quarter during the life of the swap, the dealer agrees to make a fixed-rate payment of $2 million, and the asset manager agrees to make an equity payment that is based on the return on a stock index for that quarter. The swap agreement allows netting of payments. The value of the stock index is 278 at initiation of the swap and 259 at the end of the first quarter. The payment due from the dealer to the asset manager at the end of the first quarter is most likely:
A. equal to $2 million.
B. more than $2 million.
C. less than $2 million because the payments are netted.