9. (10%) In March 1st, an Australian company is expected to pay 3,000,000 euros 3 months later. It decides to hedge the transaction with currency futures markets. The spot rate for euro on March. Ist is A$1.6320/; the euro currency futures for June delivery are selling for A$1.6318/. 3 months late, on June 15th, the spot rate for eurp turns out to be A$1.6450/ and the euro currency futures for June delivery are selling for A$1.6451/. (a) Present the procedure for his hedging step by step in the following table. (b) Calculate the gain or loss in both cash and futures market respectively. (c) Calculate the net gain or loss of this hedge. (d) Calculate the NET A$ cost of this company. Table Date Cash marker Futures market March. 1 June 15