A manager is holding a $2.8 million bond portfolio with a modified duration of eight years. She would like to hedge the risk of the portfolio by short-selling Treasury bonds. The modified duration of T-bonds is 10 years. How many dollars' worth of T-bonds should she sell to minimize the risk of her position? (Enter your answer in dollars not in millions.) Worth of T-bonds The S&P 500 Index is currently at 2,000. You manage a $21 million indexed equity portfolio. The S&P 500 futures contract has a multiplier of $50. a. If you are temporarily bearish on the stock market, how many contracts should you sell to fully eliminate your exposure over the next six months? Number of contracts b. If T-bills pay 2.0% per six months and the semiannual dividend yield is 1.8%, what is the parity value of the futures price? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Parity value