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A financial intermediary's balance sheet is such that D A = 5 , D L = 3 . This F I has $ 3 0

A financial intermediary's balance sheet is
such that DA=5,DL=3. This FI has $300
million in assets and net worth (equity) of
$50 million.
The FI has access to futures on 6-month
commercial paper. This paper is trading at
$0.94 per dollar and the futures contract
covers $1,000,000 face value. How many
contracts does the FI require if it uses the
commercial paper futures contract to fully
hedge its core exposure? (Note: Commercial
paper is a zero-coupon asset.)
Round your final answer to the nearest whole
number.
The FI needs to
contracts.
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