Modern Portfolio Managers (MPM) hold a 4.5 million dollar portfolio of stocks with a beta of 1.1 measured with respect to the S&P 500 index. The current value of a futures contract on the index is 1069. 1. The multiplier on the futures equals $250. If MPM wishes to hedge the systematic risk in its portfolio, how many contracts must it buy or sell? a. Buy 18.52 b. Buy 1.0454 c. Sell 18.52 d. Sell 16.836 e. Sell 1.0454.