You have been pursuing some rather risky money market investment strategies and, as a result, have been burned more than once. You recently came across an article describing hedging techniques using financial futures contracts and wondered how these might apply to a riding the yield curve strategy. Suppose that the current cash rate on 180-day Treasury bills is 5.3% and 5% on 90-day bills. The futures rates on 90-day Treasury bills is currently 5.2%. You invest in a 180-day bill today and sell it in 90 days when it becomes a 90-day bill. Rates on 90-day cash bills are 5.25% at the time it is sold. Assume that the rate on a 90-day treasury bills futures contract is 5.3% in 90 days. If you invest $1 million and the futures contract denomination is $1 million, the commission rate is $100, and the margin is $2,000 per contract, then what is the net position resulting from the hedge? How does this result compare if you had not hedged? How does the original result compare to having invested in a 90-day cash T-bill?