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4 point A gold minungcompany will sell 100,000 ounces of goid in three months and hedges using Gold futures. From historical data, F=0.31,5=0.25, and =0.91.

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4 point A gold minungcompany will sell 100,000 ounces of goid in three months and hedges using Gold futures. From historical data, F=0.31,5=0.25, and =0.91. Assurne the spot price is 1801 and the futures price is 1838 . One contract of gold future is for 100 ounces. The optimal number of contracts assuming no daily setblementis (round to a whole number)

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