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Lynn has an equity portfolio valued at $15 million that has a beta of 1.30. She has decided to hedge this portfolio using SPX call

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Lynn has an equity portfolio valued at $15 million that has a beta of 1.30. She has decided to hedge this portfolio using SPX call option contracts. The S&P 500 index is currently 1,602. The option delta is.53. How many option contracts must Lynn write to effectively hedge her portfolio

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