You own an asset for which there are always actively traded Futures contracts

every $3$ months up to one year out. We are exactly $3$ months away from the delivery of the

next contract. You are planning on selling your asset in $6$ months and started considering

using the Futures markets to attempt to lock$-$in a price.

$($a$)$ Explain what we mean by locking$-$in a price. How exactly is that achieved? Assume

the Futures contract size is one unit of the asset you own.

$($b$)$ Suppose that you realize that you can only sell the asset in $7$ months. Are you able to

approximately lock$-$in a price as in $($a$)?$ What would your hedging strategy be in this

case?

$($c$)$ Suppose that you have a similar asset that you plan to sell in $18$ months. You$$d like to

use Futures contracts to limit the market exposure you have. What is your strategy,

and what are the risks involved?

Please show work $!$