Q3.When JD bought the given portfolio she decided to hedge its value for one year in case the market will fall durng the year. JD used the S&P500 index futures (on CME) employing the minimum variance hedge ratio. The contract's dollar multiplier was $250 and the futures value was: F4,3,20; JUN21 : 2,912.43. When JD closed the futures position on 4,2, 21 the futures value was F4,2,21; JUN21 = 3,972.84. Using a complete time table show the entire hedge and describe the result of the hedge on 04.2 .21