Your portfolio is currently worth $1,100,000 and it has a beta of 1.2. You also have a position in 6 June E-Mini S&P500 futures contracts that effectively reduce the market risk of your hedged portfolio to zero. Suppose that you changed your mind and that you now want that your hedged portfolio have a beta of 0.5. You figured that to implement this you need to close out some of your existing futures contracts by entering into offsetting June E-Mini futures contracts. If the June E-Mini S&P500 futures contract trades currently for 4100 and has a multiple of $50, how many futures contracts do you need to close out such that the hedged portfolio has a beta of 0.5? 0 1 O 5 02 3