Synthetic Cash - 2 Methods but Different Answers?

Hey guys, please reference questions 3.A and 8 in Reading 28. Both questions ask for reduction in equity exposures via conversion of equity to cash through the use of futures, thus, synthetic cash. Both end up using different formulas. One utilizes beta (question 8), the other doesn’t. When looking at question 8, however, the exact same variables are present as those in question 3.A but are ignored. Please explain why would you not use the same methodology for question 8 (inclusion of Rf and T in the numerator for calculation of portfolio value) that is used in 3.A. Thank you.

Question 3A never mentions beta, so, in essence, it assumes that the beta of the equity position is the same as the beta of the futures contracts.

On the actual exam, if you get a question that doesn’t mention beta, you should make the same assumption. However, I suspect that they’ll give you the betas on any question on the actual exam.

This still doesn’t explain why in question 8 the risk free rate for 3 months is not included?