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3. A fund manager with $1 billion in stock portfolio. The stock portfolio has a beta of 0.8. The portfolio manager wants to achieve

3. A fund manager with $1 billion in stock portfolio. The stock portfolio has a beta of 0.8. The portfolio manager wants to achieve a beta of 1 for the portfolio. How can she do so with the S&P500 Index futures? We can assume that the current 3-month S&P500 Index futures is traded for 4600 and each futures contract is value at 250 times the index value. If the S&P500 Index turned out to be at $4800 in 3 months, how much did the portfolio make/lose?

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