the december eurodollar futures contract is quoted as 98.40 and a company plans to borrow $8 million for three months starting in december at libor plus 0.5%. (a) what rate can the company lock in by using the eurodollar futures contract? (b) what position should the company take in the contracts? (c) if the actual three-month rate turns out to be 1.3%, what is the final settlement price on the futures contracts.