Part c: Consumer sentiment has fallen significantly following the rapid rise in interest rates. As such, you believe the Reserve Bank of Australia $($RBA$)$ will cut interest rates to $4\%.$ To prepare for this, you decide to increase the duration of your fixed interest portfolio from $5$ years to $7$ years.The current value of your fixed$-$interest portfolio is $$1\mathrm{.}6$ million. Futures contracts are priced at $$101,000$ and have a duration of $7$ years, and the conversion rate is $1\mathrm{.}08.$Would you need to buy Or Sell

futures contracts?

Approximately how many futures contracts would be needed to implement this change?