Sam is the production manager of Palm X Bhd. Sam believed that prices of plam oil will fall between Jan 2012 and Mac 2012. As at early January, Palm X Bhd has produced 90,000 tonnes of plam oil, so Sam decided to hedge 75% of the amount they've produced, and at that time the price of palm oil is observed at RM1150 and Mac futures is quoting at RM1100. As expected, in early Mac 2012, palm oil prices dropped to RM1000 and RM975 in the cash and futures markets respectively. Find: a. Number of contracts opened b. Futures position c. Cash position d. Net effect e. Effective price