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A company has a $20 million portoflio with a beta of 1.2. It would like to use future contracts on a stock index to hedge

A company has a $20 million portoflio with a beta of 1.2. It would like to use future contracts on a stock index to hedge its risk. The index future price is currently standing at 1080, and each contract is for delivery of $250 times the index. What is the hedge that minimizes the risk? What should the company do if it wants to reduce the beta of the portfolio to .6?

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