You are given the following quote for Eurodollar futures prices on Wednesday, March 1:

Month	Open	High	Low	Last	Change	Settle	Estimated Volume	Prior Day Open Interest
MAR 23	94.9275	94.9275	94.8950	94.9100B	-.0150	94.9125	45,405	779,830
APR 23	94.7350	94.7350	94.7100A	94.7150	-.0150	94.7200	5,777	47,950
MAY 23	94.5900	94.5950	94.5400A	94.5650	-.0300	94.5750	1,953	5,821

a) John Jones wants to hedge a floating rate interest payment on a $2.2 million deposit. The next quarterly interest payment is determined according to a 3-month LIBOR on April 1, 2023. How could he use Eurodollar futures to do it (position, maturity, number of contracts)?

b) If he entered into the futures position at Mondays close of 94.9475, what would be his cash flow due to marking to market on Tuesday and on Wednesday?

c) What is the value of his futures position on Monday?

d) If on April 1, 2023 the 3-month LIBOR turns out to be 5.32% p.a., Eurodollar futures price 94.7125 what would be the total cost to John Jones taking into account gains/losses on his hedge, plus the interest on the deposit (disregard time value of money)?