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You own a portfolio which is valued at $6.4 million and which has a beta of 1.27. You would like to create a riskless portfolio

You own a portfolio which is valued at $6.4 million and which has a beta of 1.27. You would like to create a riskless portfolio by hedging with S&P 500 futures contracts. The contract size is $250 times the index level. How many futures contracts are needed if the current S&P 500 index is 1406? 2pt. Show all work

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