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A hedger entered a long forward contract at a forward price of $67 per unit of the underlying. On the contract expiration date, the spot

  1. A hedger entered a long forward contract at a forward price of $67 per unit of the underlying. On the contract expiration date, the spot price of the underlying is $71
    1. What is the payoff at expiration to the long forward position?
    2. Which side of the forward contract (long or short) bears the credit risk?

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