Suppose you manage an $858 million bond portfolio with a duration of 7.32 years. You want to hedge the portfolio with Treasury note futures that have a duration of 7.68 years and a futures price of 114. U.S. Treasury note futures contracts are based on a par value of $100,00 and quoted a percentage of par. How many contracts will you need to sell to complete this hedge?

Please show work

A. 8,236 contracts

B. 7,532 contracts

C. 7,174 contracts

D. 9,391 contracts