3. When JD bought the given portfolio she decided to hedge its value for one year in case the market will fall during the year. JD used the S\&P500 index futures (on CME) employing the minimum variance hedge ratio. The contract's dollar multiplier was $250 and the futures value was: F4,3,20;jun21=2,912.43. When JD closed the futures position on 4,2,21 the futures value was F4,2,21;;n21=3,972.84. Using a complete time table show the entire hedge and describe the result of the hedge on 04.2.21