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A portfolio manager is wanting to add futures to an equity portfolio to change the beta of the overall portfolio. The following data is available:

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A portfolio manager is wanting to add futures to an equity portfolio to change the beta of the overall portfolio. The following data is available: Current Portfolio Beta: 1.5 Current Portfolio Value: $8,000,000 Current Futures Price: $2,500 One contract is on $250x the index Target Beta: 3.0 How many futures contracts should be added to meet the target beta? Round to 0 decimal places

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