Suppose you hold LLL employee stock options representing options to buy 11,000 shares of LLL stock. You wish to hedge your position by buying put options with three-month expirations and a $28.64 strike price. LLL accountants estimated the value of these options using the Black-Scholes-Merton formula and the following assumptions:

S = current stock price = $26.86

K = option strike price = $29.29

r = risk-free interest rate = 0.051

? = stock volatility = 0.33

T = time to expiration = 3.5 years

How many put option contracts are required? (Note that such a trade may not be permitted by the covenants of many ESO plans. Even if the trade were permitted, it could be considered unethical.)(Round your answer to the nearest whole number.)