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A mutual fund manager wants to hedge her portfolio with S&P 500 index futures (not the mini one). The value of the portfolio is $100

A mutual fund manager wants to hedge her portfolio with S&P 500 index futures (not the mini one). The value of the portfolio is $100 million. The beta of the portfolio is 2.0. The S&P 500 index level is 5000. The multiplier for the S&P500 futures contract is $250. How many contracts of S&P 500 index futures, in what direction, will completely hedge the portfolio?

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