Please show all work, calculations, etc

1*.[2 Points]Suppose you are managing a well-diversified portfolio of $200 million of U.S. stocks with the market risk of B = 0.98). a) Suppose market declines by 15%. Calculate your loss (in dollars) and the value of your portfolio after 15% decline (calculate the portfolio value in dollars after market decline). (1 Point) b) You are worry about the stock market decline and decide to hedge 45% of your portfolio by using futures contracts on S&P 500 index. The S&P index is currently standing at 2950. Futures contracts on $250 time the index can be traded. Calculate number of futures contracts that should be traded, and indicate whether the position in futures is long or short (1 Point)