1. Assume a company sold 15 Eurodollar contracts at a quoted price of $99.35 to hedge its interest rate risk. When they bought the contract back to close out the position, the quoted price was $98.76. What total amount of money did the company make or lose on its hedge?
   1. $.59 loss
   2. $59,000 gain
   3. $31,500 loss
   4. $22,125 gain
   5. $7,875 loss