You manage a well-diversified stock portfolio worth $10 million with a beta of 1.6. You want to hedge your portfolio over the next 3 months using a 4-month futures contract on the TSX Index which is currently at 315 (one contract is for the delivery of $250 times the futures index value). The volatility is 20% per annum. The risk-free rate is 11% per annum continuously compounded and the index pays a dividend of 3% per annum. How many put option contracts need to be shorted to fully hedge your portfolio?