5 The terms of the LIFFE long gilt contract state that delivery may take place on any day during the delivery month. On 30 May 1999 the yield on the cheapest-to-deliver gilt is 5.716% while the repo rate is 6.24%. On what day will a short future deliver the bond if (i) he already owns the cash bond,

(ii) if he does not yet own the bond? Explain your answer.