Suppose you manage a $2 million portfolio. Assume that the expected return of your portfolio is 18% per year, E(rm)=11% per year, rf=1% per year, and S0=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[ri]=rf+i[E(rm)rf]. Choose the closest number. Long 13 contracts Short 22 contracts Long 22 contracts Short 13 contracts None of the above