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A company has a $35 million portfolio with a beta of 0.9. The futures price for a contract on an index is 3500. Futures contracts

A company has a $35 million portfolio with a beta of 0.9. The futures price for a contract on an index is 3500. Futures contracts on $250 times the index can be traded. What trade is necessary to reduce beta to 0.5? Long 36 contracts Short 16 contracts Short 20 contracts 2 Short 36 contracts

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