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6*. [2 Points] On March 1 a commodity's spot price is $60 and its August futures price is $59. On July 1 the spot price is $64 and the August futures price is $63.50. A company entered into futures contracts on March 1 to hedge its sales of the commodity on July 1. It closed out its position on July 1st a) What is the effective price (after taking account of hedging) received by the company? [1 Point] b) What is the basis risk? [1 Point] Facts: Effective Price: = Basis Risk