Please help with part b

A fund manager has a portfolio worth $50 million with a beta of 0.92. The manager is concerned about the performance of the market over the next 3 months and plans to use 4-month futures contracts on the S&P 500 to hedge the risk. The current level of the index is 1,850, one contract is on 250 times the index, the risk-free rate is 0.30% per annum, and the dividend yield on the index is 1.5% per annum. The current 4-month futures price is 1,840.

(a) What position should the fund manager take to eliminate all exposure to the market over the next three months?

I got 100 contracts ( is this correct)

(b) Calculate the effect of your strategy on the fund managers returns if the level of the market in three months is 1,700, 1,800, 1,900, and 2,000. Assume that the one-month futures price is 0.20% lower than the index level at this time.