15- Suppose that a futures contract with four months to maturity is used to hedge the value of a portfolio over the next three months in the following situation:

1. Index Level = 1,000
2. Index futures price=1,010
3. Value of portfolio=$5,050,000
4. Beta of portfolio = 1.5

One futures contract is for delivery of $250 times the index.

What is the number of futures contracts that should be shorted to hedge the portfolio?