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The treasurer of an Australian firm decides to hedge a planned issue of commercial paper that would raise $3.2 million. The paper will have a

The treasurer of an Australian firm decides to hedge a planned issue of commercial paper that would raise $3.2 million. The paper will have a maturity of 240 days and will be sold on February 15th, 2024. March 2024 bank bill futures are quoted at 95.00 on the ASX. 


Determine what futures position the treasurer should take today, and clearly outline the steps required when the position is closed.

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