The National Bank of Feluria anticipates investing $$2,000,000$ in Eurodollars in four months. To hedge against interest rate risk, the bank undertakes a long hedge by buying two Eurodollar futures contracts at $5\mathrm{.}88\%.$ The current cash rate is $5\mathrm{.}31\%.$ What is the basis on the day the bank enters into the hedge? Submit your final answer as a percentage rounded to two decimal places $($Ex$.0\mathrm{.}00\%).$The Answer given by my professor is $0\mathrm{.}57\%,$ I just need help getting there. Please show each step.