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Jackie manages a $621 million bond portfolio which has a duration of 4.1 years. She wants to hedge the portfolio with Treasury note futures that

Jackie manages a $621 million bond portfolio which has a duration of 4.1 years. She wants to hedge the portfolio with Treasury note futures that have a duration of 4.6 years and a futures price of 112. U.S. Treasury notes futures contracts are based on a par value of $100,000 and quoted as a percentage of par. How many contracts does she need to sell to complete this hedge?

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