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Suppose that a portfolio is worth 60 million and the P&C 500 index is at 1200. If the value of the portfolio mirrors the value

Suppose that a portfolio is worth 60 million and the P&C 500 index is at 1200. If the value of the portfolio mirrors the value of the index, what options position should be taken to provide protection against the value of the portfolio falling below 54 million in one years time? (Assume contract multiple of 100)

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