On January 10, Volkswagen agrees to import auto parts worth $7 million from the United States. The parts will be delivered on March 4 and are payable immediately in dollars. VW decides to hedge its dollar position by entering into IMM futures contracts. The spot rate is $0.8947/ ‚¬ and the March futures price is $0.9002/ ‚¬ (size is ‚¬125,000). PART A: Calculate the number of futures contracts that VW must buy to offset its dollar exchange risk on the parts contract.