A company wishes to hedge its exposure to a new fuel whose spot price changes have a 0.6 correlation with gasoline futures price changes. The company will lose $1 million for each one cent increase in the price per gallon of the new fuel over the next three months. The new fuel's price change has a standard deviation that is 50% greater than price changes in gasoline futures prices.

d) Suppose the spot price of the new fuel is $2.05 per gallon and the futures price of gasoline is $1.98 per gallon. With an adjustment for the daily settlement of futures, how many gasoline futures contracts should be traded?