A portfolio with a current value of $60 million is trying to hedge the exposed market risk. The price of the S&P 500 index, which reflects market movements, is currently 1200. The beta value for the market of the portfolio is 2. The interest-free rate is 5% per annum, and the annual dividend rate for both the portfolio and the index is 3% per annum. If you use the index option to prevent the value of your portfolio from falling to $54 million a year later, how many put options of what exercise price should you buy? (Please answer the exercise price of the appropriate option.)

Round to the second decimal place.