3. In March, Fiona Fox, Treasury Manager for the Global Gathering Corporation, and plans on purchasing $1,000,000 of 91 day T-bills for the company's short-term portfolio when that amount of cash comes in to the company in May. At this time, the 91 day T-bill discount rate is 1.670%, implying a price of S1,000,000 [1 -(.0167 x 91/360)]- $995,778.61 At this time, on the CME Group website, the May 2018 futures price for 90- day Eurodollar CD, the IMM index price is quoted as 97.695 (implying a discount rate of 100%-97.695% = 2.305%), and each contract is for $ 1 million, implying a contract price of $1,000,000 11 - 02305 x 90/360)1 994,237.50. a. Spot Gain or Los Futures Gain or Loss Net Hedging Result 3. In March, Fiona Fox, Treasury Manager for the Global Gathering Corporation, and plans on purchasing $1,000,000 of 91 day T-bills for the company's short-term portfolio when that amount of cash comes in to the company in May. At this time, the 91 day T-bill discount rate is 1.670%, implying a price of S1,000,000 [1 -(.0167 x 91/360)]- $995,778.61 At this time, on the CME Group website, the May 2018 futures price for 90- day Eurodollar CD, the IMM index price is quoted as 97.695 (implying a discount rate of 100%-97.695% = 2.305%), and each contract is for $ 1 million, implying a contract price of $1,000,000 11 - 02305 x 90/360)1 994,237.50. a. Spot Gain or Los Futures Gain or Loss Net Hedging Result