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Dear Sir
I notice using the lock in rate the answer uses the final futures number (lock in rate) to work out the number of contracts…is that ok to all examiners?
Since the can calculate the lock-in rate at the date the futures transaction starts, this is the most sensible rate to use in order to calculate the number of contracts. However using the current futures price (or the current spot rate) is very unlikely to make a difference of more than 1 contract (if at all) and you should not lose marks.
The marks are for proving you know how futures work rather than for the precise accuracy of your calculations.
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