You are managing a $25 million stock portfolio with a beta of 12, which you decide to hedge by buying index put options with a contract value of $150,000 and a delta of -040 How many option contracts...

You are managing a $25 million stock portfolio with a beta of 12, which you decide to hedge by buying index put options with a contract value of $150,000 and a delta of -040 How many option contracts are required to hedge this portfolio? Show your work