问题如下：
Approximately how many three-month Eurodollar futures contracts are necessary to hedge the six-month interest that will be paid on a USD 20 million bond? Assume that the six-month period starts at the maturity of the futures contract that will be used. (Ignore the differences between Eurodollar futures and FRAs mentioned in the chapter for this question.)
选项：
解释：
The change in the value of the instrument for a 1-basis point parallel shift in the interest rate is
USD 20,000,000 x 0.5 x 0.0001 = USD 1,000
This is 40 times USD 25. It follows that 40 contracts should be shorted.
老师，三个月的欧洲美元期货对冲6个月的债券，时间上不对等呀。是不是先用三个月的欧洲美元期货对冲，然后到期日后再用三个月的欧洲美元期货对冲。
