(a) Smith currently holds a portfolio of Malaysian stocks worth about RM1,000,000. She has been viewing quite a number of YouTube videos by renowned economists and investors who are predicting a severe market decline very soon. Concerned over the possibility of a drop in the value of her stock investments, she is considering taking an appropriate short position on KLCI futures to fully hedge her portfolio. Aisya mentioned this intention of hers to her close friend Jannah, to which Jannah commented: If you think the market is going to fall, why don't you just sell all your stocks now, and buy them back later, why bother with stock index futures? Assuming you are in Aisyas position, provide a reasoned response to what Jannah said, defending the strategy of using KLCI futures to hedge the stock portfolio. (b) You overheard someone say: "I don't get it. I thought a futures contract is about buying and selling something in the future. But I was told that in most cases, the futures contract ends in a cash settlement, and there is no physical exchange of goods or commodities. So what's the point of doing the futures contract in the first place? Help, someone please explain this to me! Clarify this person's understanding