please show work

The Purple Bear Hedge Fund has a $100 million short position in a portfolio of stocks that it considers to be overvalued. They asked you to estimate a regression where this portfolio's returns are the dependent variable, and the S&P 500 returns are the explanatory (X) variable. The regression produced the following output: Beta of portfolio = - 1.6 (this is negative because they are short) r-squared = 0.64 Standard error (standard deviation of regression residuals) = 8% monthly The S&P 500 Futures contract multiplier is $250 times the index, and the index is currently at 3000. How many contracts - taking account of the regression slope - should Purple Bear trade to eliminate 50% of the portfolio's market risk? Choose the closest answer. Buy 67 contracts Buy 107 contracts Buy 213 contracts Sell 107 contracts Sell 213 contracts