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7.Your $250 million stock portfolio has a beta of 1.05 with respect to the S&P 500 index.The S&P index today is 2200.What futures position would

7.Your $250 million stock portfolio has a beta of 1.05 with respect to the S&P 500 index.The S&P index today is 2200.What futures position would you take to reduce your overall portfolio beta to 0.6? (Assume there is no basis risk between the S&P future and the underlying index.)

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