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A stock portfolio has a market beta of 1.5 and a market value of $8,000,000. The current price of a S&P500 index futures contract is

A stock portfolio has a market beta of 1.5 and a market value of $8,000,000. The current price of a S&P500 index futures contract is 4120 and the multiplier of the futures contract is 250. If portfolio manager would like to reduce the portfolio beta to 0.5 using the futures contract, how many futures contracts should she long or short?

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