Importer with a date mismatch

An importer owes USD 1.2 million on 15 Jan 2027. On 5 Nov 2026 it buys January futures at 94.8650 (the fair value of Problem 11.19, rounded to the tick). On 15 Jan 2027 it closes the futures at 96.16 and buys dollars at a spot rate of 96.10 (illustrative). (a) Compute the futures gain, the rupee cost of the dollars and the net cost per dollar. Verify (11.27). (b) Explain why the effective rate is below the futures price paid. Check the size of the basis at the close against the carry model with 12 days to expiry. (c) Compute the interest-tailed number of lots at inception (use $r_d = 5.75\%$ continuous and 71 days to the payment date). Does tailing matter here? (d) What would the importer have paid unhedged? Was the hedge a "good trade"? Explain why that is the wrong question.