A portfolio is worth 24,000,000 and has a duration of 5.5 years. The futures price for a Treasury note futures contract is 110 and each contract is for the delivery of bonds with a face value of $100,000. On the delivery date the duration of the bond that is expected to be cheapest to deliver is 6 years. How many contracts are necessary for hedging the portfolio? Need to know how the calculation is done step by step.

Please do not copy from Chegg. Otherwise i have to report the answer.