(Answered) Question in response to the above scenario management sells

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Question: In response to the above scenario, management sells 300 90-day Eurodollar time deposit futures contracts trading at an IMM Index of 98. Interest rates rise as anticipated and your bank offsets its position by buying 300 contracts at an 1MM index of 96.98. What type of hedge is this? What before-tax profit or loss is realized from the futures position?

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