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The Eurodollar futures contract expiring in December 2023 is quoted at 98.40 and a company plans to invest $8 million for the three months starting in December 2023.

a) What interest rate can the company lock in using futures contracts?

b) How many contracts should the company purchase to eliminate the uncertain in their investment?

c) If the actual 3-month Libor rate turns out to be 1.3% (APR) in December 2023, describe the cash flows from the futures and the cash investment.

		Dec 2023	March 2024
Futures contracts	Pay
	Gain
	Net
Payoff to the Cash Investment of 8 millions
Overall