P4

1. Why in all p4 questions all the LIFFE future prices are stated in every 3 months? ( like march, june, or September, December ) ???

2. In interest rate futures, for buying call options, when future price is more than exercise price, we exercise since we buy at cheaper price ?
And for put options, when exercise price is more than future price, we exercise since we can sell at higher price ???

3. In AWAN CO (DEC 13), in interest rate futures, in the calculation of unexpired basis, we know that the investment starts on 1 February therefore they have chosen march 94.76 to calculate unexpired basis

However, is it possible to calculate unexpired basis by using December 94.80 ????
Why must we use March 94.76 to calculate unexpired basis ???

4. For the forward contract, when we get the appropriate spot rate, whether we receive or spend money, we always choose the lowest amount in the spot rate
If question has a pot rate of 0.7785 – 0.7891 and whether we are receiving or making payments, we always use 0.7785 for the spot rate ?