Use the following data for questions 14-16 A manufacturer needs to buy 20.000 ounces of silver in three months time. The current spot price is S = 23.50/oz. The futures price with a settlement date in three months is F = 23.75/oz. In three months time the following occurs - F = 24.00/oz and the spot price is $24.00/oz. 14. How many contracts does the manufacturer need? a. 5 b. 4 c. 3 d. 2 e. 1 Erat to hedge