The S&P 500 Index is currently at 2,500. You manage a $20 million Indexed equity portfolio The S&P 500 futures contract has a multiplier of $250 a. If you are temporarily bearish on the stock market, how many contracts should you sell to fully eliminate your exposure over the next six months? Number of contracts 32 b. If T-bills pay 12% per six months and the semiannual dividend yield is 1.6%, what is the parity value of the futures price? (Round your answer to 2 decimal places. Do not round intermediate calculations.) Parity value 7936 76 0