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A portfolio is currently worth $450 million and the portfolio is tracking the market index very well. The market index is currently standing at 4055.

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A portfolio is currently worth $450 million and the portfolio is tracking the market index very well. The market index is currently standing at 4055. You decided to long put options to protect the value of the portfolio from the market volatilities in future. You have chosen the put option with a strike of 3226. How many put contracts do you need to long to provide the insurance? (Round to the nearest integer

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