You Own a Portfolio Which Is Valued at $10 Million

You own a portfolio which is valued at $10 million and which has a beta of 1.5.You would like to create a riskless portfolio by hedging using S&P 500 futures contracts.The contract size is $250 times the index level.How many futures contracts do you need to acquire if the current S&P 500 index is 1500?

A) short 30 contracts
B) short 40 contracts
C) long 25 contracts
D) long 30 contracts
E) short 50 contracts