Save all your work in Word and follow the submission instructions at the end of this page. You may choose to use Excel for relevant calculations. According to its Delta Air Lines FY 2015 annual report, (Links to an external site.) for the sake of this exercise, assume that Delta Airlines currently does not have a fuel cost hedging program despite the fact that the price of oil has risen significantly in recent years (currently Delta hedged the jet fuel price risk with crude oil, heating oil, and jet fuel swap, collar and call option contracts). Suppose you are the CFO of Delta and are seriously considering using futures contracts from New York Mercantile Exchange (Links to an external site.) to hedge rising fuel costs. Write a report to Delta's CEO from the perspective of the CFO evaluating the importance and feasibility of implementing the hedging program. Your analysis should address the following issues:
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