First of all, this investor holds government bonds, and he is worried that the future decline in the price of government bonds will lead to asset shrinkage, so he should choose a reasonable price to sell hedging in the futures market. Future price rises, hedging losses, future price falls, and hedging realizes profit;

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.