This is John Hull's book Options, Futures and Other Derivatives 9th
Page 142
Suppose the maturity of a Eurodollar futures
is $T.$
Then the settlement of futures is $T$ and the payment of deposit for the interest is $T+0.25?$
As this understanding, suppose enter rate of future is $F$ and the real rate of future is $P$ at $T.$ We would assume an interest rate of $F$ for the three-month period at time $T.$
Then we will receive the cash flow $(F-P)\times 0.25$ from futures settlement at $T$(suppose only pay one time at $T$) and receive the deposit of interest $P*0.25$ at $T+0.25,$ discounted the deposit into $T$ we have the total cash of $1$ contract $$(F-P)*0.25 +\dfrac{P*0.25}{1+F*0.25}.$$ To keep the the rate is still $F$ at $T,$ we should hold $k$ contract, then we have the equation $$\left((F-P)*0.25 +\dfrac{P*0.25}{1+F*0.25}\right)\times k = F.$$
I can not understand the result in the example $1/(1+0.035 * 0:25)= 0.9913$ contracts.