The December Eurodollar futures contract is quoted at 97.90 and a company plans to borrow $24 million for three months starting in December at LIBOR plus 0.75%. (a) What rate can the company lock in by using the Eurodollar futures contract? (b) What position should the company take in the contracts? (c) If the actual three-month rate turns out to be 1.25%, what is the final settlement price on the futures contracts.