You are a provider of portfolio insurance and are establishing a four-year program. The portfolio you manage is currently worth $50 million, and you promise to provide a minimum return of 0%. The equity portfolio has a standard deviation of 25% per year, and T-bills pay 4.2% per year. Assume that the portfolio pays no dividends.

Required:

b-2. What action should the manager take? (Enter your answer in millions rounded to 2 decimal places. Do not round intermediate calculations.)