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A hedger takes a short position in five T-Bill futures contracts at the price of 98 5/32. Each contract is for $100,000 principal. When the

A hedger takes a short position in five T-Bill futures contracts at the price of 98 5/32. Each contract is for $100,000 principal. When the position is unraveled, the price is 95 12/32. What is the gain/loss on this transaction?

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