4. A firm has a stock portfolio comprising some stocks in the S\&P 500 index. The current value of the portfolio is $500 million. The firm wants to completely hedge the portfolio because the management believes it is best to lock the value at this point. The risk management department already has the numbers required for a cross hedging; The beta of the portfolio is 1.2. The company will use the S\&P 500 index futures contract with a $250 multiplier. The current S\&P500 index level is 4,000 . How many contracts should the firm trade, and in what direction, to completely hedge the portfolio