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The company expects to invest approximately $1 million in three months in corporate bonds. The current rate of interest is 2.40%. To hedge the position,

The company expects to invest approximately $1 million in three months in corporate bonds. The current rate of interest is 2.40%. To hedge the position, the company wishes to use 3 year Treasury bond futures contracts trading at 97.300. Calculate the profit or loss from the position in futures market if in 3 months the contracts are trading at 92.800.

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