P4 hedging questions

It depends on the exact wording of the requirements. If, as is most common, you are just asked to advise, then the marks are for proving that you understand the various methods available (futures, options etc) and how you show it does not matter - whether you work out gains/losses in $'s or calculate effective rates - provided obviously that your workings are clear for the marker. If, on the other hand, the question specifically asks for the gains or losses, or specifically asks for effective rates, then obviously you have no choice.