A fund manager has a portfolio worth $27 million with a beta of 1.5. The manager is concerned about the performance of the market over the next two months and plans to use three-month futures contracts on a well-diversified index to hedge its risk. The current level of the index is 1250, one contract is on 250 times the index, the risk-free rate is 6% per annum, and the dividend yield on the index is 3% per annum. The current 3 month futures price is 1,307. In order to eliminate all exposure to the market over the next two months, the fund manager should short how many futures contracts? For the auto-grader to read your answer correctly, round your