Question: Please don't use excel to solve. Futurex Ltd expects to invest in $5 million worth in Treasury bonds in three months. Expecting that interest rates

Please don't use excel to solve.

Futurex Ltd expects to invest in $5 million worth in Treasury bonds in three months. Expecting that interest rates will fall, it goes long in 50 three-year Australian Treasury bond futures contracts which are currently traded at 93.450. Calculate the return on its futures position, assuming that the price of those futures contracts will rise to 94.350 in three months' time.

The answer should be 6.9%?

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