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The value of the S&P 500 index currently stands at 4274 . Sigma Investmeats manages a portiolio, worth $3 million, that mirrors the performanco of

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The value of the S\&P 500 index currently stands at 4274 . Sigma Investmeats manages a portiolio, worth $3 million, that mirrors the performanco of the S\&P 500 index. E-Mini SsP500 futures trade on the index and have a value of 50 times the 58.500 index. How many futures contracts ate necessary if Sigma wants to hedge against declines in the index? Round your answer to the nearest whole number

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