Explain how you would hedge the risks of the following situations using futures and using options. Assume the appropriate futures and option contracts exist.

a. a company produces flour and needs to buy wheat in three months

b. an investor plans to sell all their bonds in six months

c. an investor is worried that his mutual fund shares, which holds a portfolio identical to the S&P500, will fall in value in 9 months when he needs to sell his shares

d. an airline worries that airplane fuel prices will be higher next year

e. a bank worries that the fed funds rate will be higher in three months