The futures contract size on the South African rand (ZAR) is $100,000. Futures prices on the USD-ZAR contracts are quoted in rands per $1. Suppose futures price is R10.245 and spot price is R10.165. You wish to transfer $15 million next month to a South African bank in Pretoria. To hedge your position, calculate your hedge ratio.

Question options: option 1 is wrong

1)	1,525 contracts

2)	149 contracts

3)	150 contracts

4)	None of the above