Manager holds a portfolio with beta =1.0 worth $500,000. He would like to hedge against a 10% loss ($50,000) during the next 3 months. S\&P 500 index is currently standing at 1,005. 2. How many contracts should you purchase? Note: Round the answer to the closest number. Question 3 1 pts Manager holds a portfolio with beta =1.0 worth $500,000. He would like to hedge against a 9% loss during the next 3 months. S\&P 500 index is currently standing at 1,000 . 3. What strike price should the option contract be? Note: Round the answer to the closest number. Manager holds a portfolio with beta =1.0 worth $500,000. He would like to hedge against a 10% loss ($50,000) during the next 3 months. S\&P 500 index is currently standing at 1,000. To hedge the risk, the manager enters in five (5) SP500 index put options with a strike price of 900. 4. Say the index drops by 12%, then what is the total value of the position