An investor has a portfolio currently worth $3.1 million. She is concerned about maintaining her value as she thinks the market is about to decline, so she decides to hedge her position with six-month futures contracts on the Dow Jones Industrial Average, which are currently trading at 11,450. Given that she wants to cover her full portfolio, how would she set up the hedge? Assume that over the next six months stock prices do fall, and the value of her portfolio drops to $2.45 million. The futures contracts are now trading at 9,410. What is her net gain/loss? Use $10 for the contract multiple.