A Canadian investor has an equity portfolio that is worth 20 million dollars. The portfolio has double the level of systematic risk as compared to the Canadian stock market index. The stock index is currently trading at 2,500. There are futures contracts on the index available with one contract being on 250 times the market index. To decrease the market risk exposure of the equity portfolio in half the trader should:

a. Buy 16 contracts

b. Sell 64 contracts

c. Buy 32 contracts

d. Sell 32 contracts