A Portfolio Manager plans to use a Treasury bond futures contract to hedge a bond portfolio over the next three months. The portfolio is worth $100M and will have a duration of 4.0 years in three months. The futures price is 122 and each futures contract is on S100,000 of bonds. The bond that is expected to be cheapest to deliver will have a duration of 9.0 years at the maturity of the futures contract. What position in futures contracts is required? a. Long position b. Short position c. No position is required to hedge the portfolio risk d. A long and short position will be required to hedge portfolio risk. How many contracts should be used to hedge the portfolio risk