long bond position is hedged using a short position in the futures market.

If the hedge performs as expected, then any P&L on the long bond position will be offset by identical losses (or gains) on the hedge.

Since hedges are never perfect, and some residual risk such as basis risk, the inability to enter into an unrounded number of futures contracts will remain. However, the bulk of the risk would be mitigated, and the investor will be able to avoid any losses but will also forgo any gains. Therefore choice b is the correct answer and the rest are incorrect.