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You own a bond portfolio and decide to hedge using futures on 10 year Treasury notes. The bond portfolio has a PVBP = $764.9 and

You own a bond portfolio and decide to hedge using futures on 10 year Treasury notes. The bond portfolio has a PVBP = $764.9 and the futures contract has a PVBP = $193.1. What is the hedge ratio needed? Enter your result as a positive number with one decimal place (do not round to the nearest integer).

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