A portfolio manager plans to use a Treasury bond futures contract to hedge a bond portfolio over the next six months. The portfolio is worth $50 million and will have a duration of 3.0 years in six months. The futures price is 112, and each futures contract is on $100,000 of bonds. The bond that is expected to be cheapest to deliver will have a duration of 7.0 years at the maturity of the futures contract. What position in futures contracts is required? O (a) Short 1042 contracts (b) Short 191 contracts (c) Short 346 contracts 0 (d) None of the above