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You have an equity portfolio valued at $1.22 million that has a beta of .98. You have decided to hedge this portfolio using SPX call

You have an equity portfolio valued at $1.22 million that has a beta of .98. You have decided to hedge this portfolio using SPX call option contracts. The S&P 500 index is currently 3,092. The option delta is 0.639. How many option contracts must you write to effectively hedge your portfolio?

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