. A portfolio manager follows a duration-matched strategy in his funds. His bond portfolio has a duration of 5.3 years, with a market value $8,400,500. He plans to reduce the duration of his bond...

. A portfolio manager follows a duration-matched strategy in his funds. His bond portfolio has a duration
of 5.3 years, with a market value $8,400,500. He plans to reduce the duration of his bond portfolio to 4.5
years. Assume that he can use 5-year T-note futures contracts to hedge the risk, with one-tick changes in
interest rates, this futures contract value will change by $25. Calculate the number of futures contracts that
the manager should long or short.