Today is 3 October, and interest rates are 8% p.a.. X plc will wish to borrow 6M for 6 months starting on 1 January. 3 months January interest rate futures are available at 92.00. Show how interest rate futures may be used to hedge the risk, and calculate the outcome on 1 January. (Assume that on 1 January interest rates have changed to 10% and the futures price to 90.00)