You manage the $612] million eouity portion of Zee Corp's pension assets. On Friday Tth August. Zee announced that it is downsizing its workforce and would be offering early retirement to many of its employees. The impact on the portfolio you manage would be an anticipated $10 million withdrawal over the next 4 months. The stock market has been good for the past 5 years, but recently there have been signs of weakness. You are concerned about a drop in asset prices before the $1 million is withdrawn from the portfolio. You run a fairly aggressive portfolio with a beta of 1.2, relative to the S&P 500 Index. You see the following 5&P 50D index futures prices: Expiration Contract lIlfalue ($250 3: Index] SEF' 1GB 8.5!] DEC 11 MAR 1110.50 A. How much of the portfolio should you hedge? B. Design a hedge based on your answer to part A above. C. llil'lfhen and how would you unwind your hedge