Question 3 (8 points) Listen Your company is a residential builder and expects lumber prices to rise over the next few months as the construction season begins on May 15. The amount of lumber required to build four houses in the development is 55,000 board feet. The development of estate homes will be 200 homes in total. It takes approximately 6 weeks to build and you have sufficient manpower to work on 50 houses at a time. You must close on 50 houses to start on the next 50. One lumber future equals 110,000 board feet and the contracts expire in July, Sept., Nov. and Jan. Structure a hedge for the construction season noting the number of contracts and whether long or short in each of the contract periods.