A portfolio manager owns $3 milion in common stock In anticipation of stock market decline, the decision is made to hedge the portfolio using the December S&P 500 index futures contract. The portfolio's beta is 2.2, and the current value of the S&P 500 index futures Contract selected is 280.456 and the value of S&P spot is 277. The index multiplier is 250. The risk-free rate is 5% per annum and the dividend yield on the S&P 500 is 2.5% per annum. a. What is the maturity of the forward contract? b. How many contracts should you buy or sell to hedge your position? c. If after 2 months the portfolio has fallen to $2.6 million, calculate Rm. d. Calculate the future price after 2 month assuming s=268.5 b e. Given the forward price calculated in part d, calculate the gain/loss on future positions