A mutual fund wishes to hedge its $500,000 face value bond portfolio, currently priced at 96-00 (32nds). The bond portfolio has a duration of 11 5 years It will hedge with T-bond futures ($100,000 free) priced at 99-08 (32nds) and have a duration of 8.6 years. If the basis risk is 1.18, how many futures contracts should be used to hedge the portfolio 6; sold 6; bought 7; sold 7; bought 8; bought