Consider the portfolio in Exhibit 26-3. Suppose that the dollar duration of the 5-year Treasury note futures contract is $5,022. Answer the below questions.

(a) What position would a portfolio manager have to take in the contract to hedge the portfolio?

(b) What is the market value of the position that the portfolio manager must take? (c) What position would a portfolio manager have to take in the contract to obtain a portfolio of 4?

(d) What is the market value of the position that the portfolio manager must take?