Eurodollar Futures: a) What is meant by a long position and a short position in Eurodollar Futures? b) Explain using a numerical example why a long position in a Eurodollar Futures contract loses money when interest rate increases but gains when Eurodollar quote increases. c) It is January now. Manager wants to refinance his assets in March and is concerned rates may rise. He wants to borrow $100m for 3 months starting March. The March expiry Eurodollar Futures Quote is 95. (i.e., 5% annual). Manager is fine with paying 5% interest on the borrowing. Compute the net cost to the manager is the Eurodollar settles at 90 in March.