A fund manager oversees a portfolio with a beta of 2 and a combined value of $10,000,000. Worried by news about a possible outbreak of war in the middle cast, the fund manager decides to insure his holding by purchasing S&P 500 index put expiring in three months' time in December. The SPX options has a contract multiplier of $100. The current level of the Satre in is 1500. Calculate the number of contracts needed to provide an insurance against the value falling below 9,000,000 within 3 months, given a risk free of 4%, and a dividend yield of 2% on the index and 1% on the portfolio