A portfolio manager decides to adjust the beta of his $104482 equity portfolio from 0.6 to 1.3 for the next five months. The manager selects a future on the market index, which is currently traded at $407, to adjust the beta of his equity portfolio. The expectation about the market underpinning the adjustment of beta and the number of futures contracts the manager should take are:

a.

The market will be moving down and a short position in 154 futures contracts should be held

b.

The market will be moving up, and a long position in 180 futures contracts should be held

c.

The market will be moving up, and a short position in 180 futures contracts should be held

d.

The market will be moving down, and a long position in 334 futures contracts should be held

e.

None of the other answers provided is the best or correct answer