The treasurer of Hornet Gone Pty Ltd (HGPL) has recently completed a 12-month cash budget schedule, which identified a future borrowing requirement in the amount of approximately \$A12.75 million by mid-2023. She decides to use I futures to hedge the interest rate exposure relating to this requirement and opens a position in June 2023I contracts priced at 96.6. Assume that in May 2023. HGPL closes out the position at a contract price of 97.7. Is the initial futures position long or short? What is the overall net outcome (\$ amount of profit or loss) on HGPL's IR futures transactions