Suppose that spot and futures prices of the underlying asset when hedge is initiated are $26.50 and $24.20 respectively, and when hedge is closed out are $25.00 and $24.99 respectively.which one is true from the followings?

1.effective price paid = $24.21

2.Basis risk when hedge is closed out = $2.3

3.both 1 & 2

4.none of the above