You are managing a pension fund with a value of $$310$ million and a beta of $1\mathrm{.}30.$ You are concerned about a market decline and wish to hedge the portfolio. You have decided to use SPX calls. How many contracts do you need if the delta of the call option is $\mathrm{.}62$ and the S&P index is currently at $1,250?($Do not round intermediate calculations. A negative value should be indicated by a minus sign. Round your answer to the nearest whole number.$)$

Number of option contracts

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$8$ of $10$

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