$\backslash$table$[[$A$,$B$,$C$,$D$,$E$,$F$,$G$,$H$,$I,J$,$K$,$L$,$M$,$N$,$o$],[4.$ The present is September $7$th $2012.$ You owe in the future a large payment of$,$$$35,000,000,$Australian dollars to the firm Koala, Inc. located in Australia, with the payment to be made on$],[,$a$.$ State whether you should take a long or a short position in Australian dollar futures.,,,,,,,,$],[,$b$.$ Determine the optimal number of Australian dollar futures contracts that you need assuming the hedge ratio $h$ to be$,0\mathrm{.}8641416,$and the fact that,,,$],[,$the usual standard size of any Australian dollar futures contract is:$,$$$100,000,$Australian dollars,,,,,,$],[,$c$.$ Repeat part b with the "tailing the hedge" ajustment.,,,,,,,,,,$]]$

a$.$ State whether you should take a long or a short position in Australian dollar futures.

b$.$ Determine the optimal number of Australian dollar futures contracts that you need assuming the hedge ratio $h$ to be $0\mathrm{.}8641416$ and the fact that the usual standard size of any Australian dollar futures contract is:

$$100,000$ Australian dollars

c$.$ Repeat part b with the "tailing the hedge" ajustment.