1) The maturity price is 98.5; At that time, investors had hedged their sales at the price of 99.5 in advance, and each profit was 99.5-98.5= 1.
2000 cards is 2000 dollars.
2) The maturity price is 99.5; There is no profit or loss due to due delivery and futures hedging selling price.
3) The maturity price is100.5; The hedging selling price is higher than 99.5, so each loss is 100.5-99.5= 1.
2000 copies is a loss of 2000 dollars.