Hedging Effectiveness. Three savings and loan institutions (S&Ls) have identical balance sheet compositions: a high concentration of short-term deposits that are used to provide long-term, fixed-rate mortgages. The S&Ls took the following positions one year ago. Name of S&L Position LaCrosse Sold financial futures Stevens Point Purchased put options on interest rate futures Whitewater Did not take any position in futures Assume that interest rates declined consistently over the last year. Which of the three S&Ls would have achieved the best performance based on this information? Explain