In June, the Prudential Money Market Fund forecast a September cash inflow of $9M that it plans to invest for 91 days in T-bills. The fund is uncertain about future short-term interest rates and would like to lock in the rate on the September investment with T-bill futures contracts. Currently, September T-bill contracts are trading at 93 (IMM index). What is the implied YTM on the September T-bill futures contract? How many September contracts does Prudential need to lock in the implied futures YTM (assume perfect divisibility)? Assuming the fund's $9M cash inflow comes at the same time as the September futures contract's expiration, show how the fund's futures-hedged T-bill purchase yields the same rate from a $9M investment as the implied YTM on the futures, Evaluate at spot T-bill rates (YTM) at the futures' expiration of 6.5%