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( b) A company has a $ 148 million portfolio with a beta of 1.3. The futures price for a contract on the S&P index

( b) A company has a $ 148 million portfolio with a beta of 1.3. The futures price for a contract on the S&P index is 4235. Futures contracts on $250 times the index can be traded. What trade is necessary to achieve a complete hedge using the current beta (Indicate the number of contracts, rounded to the nearest whole number, that should be traded and whether the position is long or short)

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