A hedge fund has a small but risky portfolio worth $12m with a beta of 1.8 . It wishes to use E-Mini Nasdaq 100 futures to hedge its position and the current value of the futures is 13381 (for delivery of $20 times the index). How many contracts does the fund need to reduce its portfolio beta by 50% ? Sell 50 Futures Contracts Sell 40 Futures Contracts Sell 34 Futures Contracts Sell 24 Futures Contracts Sell 56 Futures Contracts