Suppose you manage a $ $2$ million portfolio. Assume that the expected return of your portfolio is $18\%$ per year, E$($r$\_$m$)=11\%$ per year, r$\_$f$=1\%$ per year, and S$\_0=3,200.$ You are worried that the market might fall after one year. How many one$-$year S&P $500$ E$-$Mini futures contracts do you need to hedge your portfolio? To hedge your risk exposure, should you hold a long position or a short position in the futures contracts? Note that the S&P $500$ E$-$Mini contract multiplier is $ $50.$ Recall the CAPM equation is: E$[$r$\_$i$]=$r$\_$f$+\backslash$beta $\_$i$[$E$($r$\_$m$)-$r$\_$f$].$ Choose the closest number. Long $13$ contracts Short $22$ contracts Long $22$ contracts Short $13$ contracts None of the above