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4. A trader enters into a long cotton futures contract when the futures price is 50 cents per pound. The contract is for the delivery of 20,000 pounds. How much does the trader gain or lose if the cotton price at the end of the contract is (a) 48.20 cents per pound; (b) 51.30 cents per pound? 5. Suppose you take a short position in a 3-month Eurodollar futures contract on November 1, and the contract expires on December 21. On November 1, the quote is 97.10, and on November 3, the quote is 97.12. How much do you gain or lose in this 2-day period? 6. Suppose that it is February 20 and a treasurer realizes that on July 17 the company will have to issue $5 million of commercial paper with a maturity of 180 days. If the paper were issued today, the company would realize $4,820,000. (In other words, the company would receive $4,820,000 for its paper and have to redeem it at $5,000,000 in 180 days' time.) The September Eurodollar futures price is quoted as 92.00. How should the treasurer hedge the company's exposure? 4. A trader enters into a long cotton futures contract when the futures price is 50 cents per pound. The contract is for the delivery of 20,000 pounds. How much does the trader gain or lose if the cotton price at the end of the contract is (a) 48.20 cents per pound; (b) 51.30 cents per pound? 5. Suppose you take a short position in a 3-month Eurodollar futures contract on November 1, and the contract expires on December 21. On November 1, the quote is 97.10, and on November 3, the quote is 97.12. How much do you gain or lose in this 2-day period? 6. Suppose that it is February 20 and a treasurer realizes that on July 17 the company will have to issue $5 million of commercial paper with a maturity of 180 days. If the paper were issued today, the company would realize $4,820,000. (In other words, the company would receive $4,820,000 for its paper and have to redeem it at $5,000,000 in 180 days' time.) The September Eurodollar futures price is quoted as 92.00. How should the treasurer hedge the company's exposure