1. It is 1^st April today and assuming that your company need to borrow $300,000,000 on 1^st July for next 3 months. You are planning to use the Eurodollar Futures (EF) to hedge the possible change in the Libor rate between now and 1^st July. The July EF is trading at 95.33 now and it turned out that on 1^st July the EF is trading at 95.96. There are 92 days between 1^st July to 1^st October. What would be your total interest payment for this borrowing upon the settlement of it on 1^st October?
   1. $1,677,128
   2. $3,574,038
   3. $2,624,160
   4. $3,569,160