13. A company has a $10 million portfolio with beta of 1.2 How can it use the S&P500 futures contract (with a multiplier of 500) to create an optimal hedge against a stock decline and what is the hedged return? Futures index is 1000. a. Short 20 S&P500 futures contractsfor a return of 0% while hedged. b. Short 20 S&P500 futures contracts for a risk free return while hedged. C Short 24 S&P500 futures contracts for a return of 0% while hedged. d. Short 24 S&P500 futures contracts for a risk free return while hedged