The S\&P 500 Index is currently at 1,500 . You manage a $18 million indexed equity portfolio. The S\&P 500 futures contract has a multiplier of $50. Required: a. If you are temporarily bearish on the stock market, how many contracts should you sell to fully eliminate your exposure over the hext six months? b. If T-bills pay 2.0% per six months and the semiannual dividend yield is 1.8%, what is the parity value of the futures price? (Do not ound intermediate calculations. Round your answer to 2 decimal places.)