(Hedge Ratio) Julie Hopkins needs to buy NA=55,500 troy oz of silver in T=100 days and decides to hedge with 6-month silver futures contracts. Each futures contract is on 5,000 troy oz. The standard deviation of the spot price of silver Var(ST)=0.43. The standard deviation of silver futures price Var(FT) is 0.50. The correlation between the two prices =Corr(ST,FT)=0.16. (5.1) What is the absolute value of the optimal hedge ratio that minimizes the variance of the hedged portfolio's value? (5.2) To achieve the minimum variance hedge, should Julie enter into long or short positions of the given futures contracts? How many contracts does she need? (You do not need to round to an integer). (5.3) What is the variance of the optimally hedged portfolio