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A company has a $36 million portfolio with a beta of 1.2. The futures price for a contract on the S&P index is 2849. Futures

A company has a $36 million portfolio with a beta of 1.2. The futures price for a contract on the S&P index is 2849. Futures contracts on $250 times the index can be traded. How many futures contracts does the company need to go long or short to reduce the beta to 0.9?

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