Hedging Problem 1 Today is May 1. Your firm purchased $25,000,000 face value of 180 day commercial paper today for a price of $24,450,000. You will need to liquidate the position in 120 days and you believe interest rates may move against you in the meantime and you decide to use euro$ futures to hedge the position. a) How many futures contracts should you use to fully hedge and should you buy or sell the futures contracts today if the September euro$ futures quote is at 98.52 and the December euro$ futures quote is at 97.45