You own a portfolio that is valued at $12.5 million and which has a beta of 1.42. You would like to create a riskless portfolio by hedging using S&P 500 futures contracts. The contract size is $250 times the index level. How many futures contracts do you need to acquire if the current S&P 500 index is 1420? If you realized you made a mistake for which the beta of your portfolio is only .68, how would your answer change? If your portfolio is perfectly hedged, what would be the value of the portfolio if the S&P 500 index increased to a level of 1,451?