A financial intermediary's balance sheet is such that D_A= 5, D_L = 3. This FI has $300 million in assets and net worth (equity) of $50 million.

The FI has access to futures on 6-month commercial paper. This paper is trading at $0.94 per dollar and the futures contract covers $1,000,000 face value. How many contracts does the FI require if it uses the commercial paper futures contract to fully hedge its core exposure? (Note: Commercial paper is a zero-coupon asset.)