You need to use options to hedge an S&P 500 Index ETF holding of $120,000. You need to hedge for 6 months due to volatility. The Put Index option at the money can be purchased for a premium of $4.00. The S&P 500 index is currently at 2,900 and there are 100 shares per index option contract and CBOE traded options Strike price are at 1/10th index value and use a multiplier of 10. How many contracts gets the closest to full index coverage for $120,000 and how much in premium will it cost for the Put options?