A fund manager anticipates purchasing 800 of aAA ratedcorporate bond with a face value of $1,000,3%coupon rate,12years of maturity, modified duration of 10.7and forward price of $1,097 in 3 months. The manager is afraid that in the meantime interest rates might fall and the bond's price rises. There are no forward or futures contracts available for the bond, but the manager decides to hedge against interest rate movements using a T-bond futures contract quoted with$113.27for each $100face value,par of100,000,and modified duration of 8.69.

How many futures contracts should the manager buy /sell?Indicate a short hedge with a negative sign (do not add a positive sign if it is a long hedge).