You have decided to use December futures to hedge the risk of a sale of British Pound (BP). The sale will be for 250,000 BP and will take place on November 1. The current spot price for BP $1.55 per BP and the current December futures BP price is $1.61 per BP. To hedge your risk, should you take a long position in December futures If the spot rate prevailing on November 1 is $1.49 per BP and the December futures price on November 1 is $1.54 per BP, what is the effective U.S. Dollar revenue to you from selling 250,000 BP? Include any costs or benefits from hedging. If the spot rate prevailing on November 1 is $1.63 per BP and the December futures price on November 1 is $1.71 per BP, what is the effective U.S. Dollar revenue to you from selling 250,000 BP? Include any costs or benefits from hedging. Will you need to undertake a reversing trade? Why or why not