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The manager of a blue chip growth stock mutual fund is trying to fully hedge the $650 million portfolio position for the last two months

The manager of a blue chip growth stock mutual fund is trying to fully hedge the $650 million portfolio position for the last two months of the calendar year. The current price of the S&P 500 Index futures contract is 1,200. If the mutual fund has a beta of 1.24, how many contracts will it take to hedge the fund?

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