Who would be most likely to SELL stock index futures contract?

Question options:

2)	A mutual fund manager who believes the market will fall
3)	A mutual fund manager who believes the market will be stable
4)	None of the above would be likely to purchase a futures contract

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:

1)	1,525 contracts
2)	149 contracts
4)	None of the above