it is Feb 1st and Jerry will need to borrow $5,00 for 90 days next June. If today's yield on 90 day bank bills is 3.5% p.a and Jerry believes that 90 day interest rates may fall to 3% pa by June. What futures position should Jerry take to hedge this exposure? What borrowing rate would Jerry Lock in June, the June and September futures prices were 95.23 and 95.36 respectively?