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Quality Investments has a $25 million portfolio with a beta of 1.4 . The firm employs the E-mini Nasdaq-100 futures contract which has price of

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Quality Investments has a $25 million portfolio with a beta of 1.4 . The firm employs the E-mini Nasdaq-100 futures contract which has price of 11,866 and one contract is on $20 times the Nasdaq- 100 index. How many contracts are necessary to reduce the beta to 0.8 (round your answer to the nearest whole number)

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