Suppose your company intends to borrow R12.5 million, for 6 months, starting on 15 March 2023. Your bank will only be willing to offer you a rolling 3-month floating rate loan (i.e. loan rate calculated every three months on the first day of the loan). Thus, the first interest rate will only be known in March 2024. Explain how the company could use each of the following strategies to hedge the interest rate risk for the duration of this loan. Also explain exactly how many contracts will be needed for each strategy and at what date(s) the relevant hedging transactions will take place. 1.1. Strip hedge 1.2. Stack hedge