A company has a $20 million portfolio with a beta of 0.9. It would like to use futures contracts on the S&P 500 to hedge its risk. The index futures is currently standing at 1071, and each contract is for delivery of $250 times the index. What is the number of contract that the company should short to minimize risk? Round your answer to two decimal places. For example, if your answer is 35.6789, please enter 35.68, and do not enter 36.

Suppose that the standard deviation of quarterly changes in the prices of a commodity is $0.63, the standard deviation of quarterly changes in a futures price on the commodity is $0.81, and the coefficient of correlation between the two changes is 0.8. What is the optimal hedge ratio for a three-month contract? Round up your answer to three decimals places