You manage a well-diversified stock portfolio worth $10 million. You are interested in hedging against adverse movements in the market over the next two months and decide to use the 3-month futures contract on the TSX index. The index is currently at 600 and one contract is for delivery of $200 time the index value. The beta of the portfolio is 2. The index pays a continuous dividend yield of 3% p.a., while the portfolio pays no dividends. The risk free rate is 6% p.a. continuously compounded. What should your position in futures be if you fully hedge your portfolio? (Round answer to the nearest integer) Question 14 options: Long 167 contracts Short 165 contract Long 175 contracts Short 175 contracts pls explain step by step and formula