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A 90-day bank accepted bill futures price changes from 96.76 to 96.82. What is the gain or loss to an investor who is short in

  1. A 90-day bank accepted bill futures price changes from 96.76 to 96.82. What is the gain or loss to an investor who is short in three contracts assuming the face is $1,000,000? (6 marks)
  2. Discuss the difference between futures contracts and forward rate agreements. (4 marks)

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