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A company has a $15 million portfolio with a beta of 1.2. It would like to use futures contracts on a stock index to hedge

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A company has a $15 million portfolio with a beta of 1.2. It would like to use futures contracts on a stock index to hedge its risk. The index futures is currently standing at 1,057 , and each contract is for delivery of $250 times the index. How many contracts would hedge away the risk of the portfolio? Note: Round to the nearest whole number

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