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A company has a $10 million portfolio with a beta of 1.4. It would like to use futures contracts on a stock index to hedge

A company has a $10 million portfolio with a beta of 1.4. It would like to use futures contracts on a stock index to hedge its risk. The index futures is currently standing at 1080, and each contract is for delivery of $250 times the index. What is the number of contracts to increase the beta of the portfolio to 2.8?

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