Your company has a portfolio of stocks that is currently worth $150 million. The beta of the portfolio is 1.3. The company would like to use CME futures on the S&P 500 to immune the portfolio from systematic risk. The index is currently 1,200, and each contract is on $250 times the index. What position (long/short and the number of contracts) should the company take in the futures market? How would the strategy change, if instead, the company decided to increase its exposure to systematic risk and change the beta to 1.9? (10 points)