Index Futures 1. Mr. Careless was employed with ABC Portfolio Consultants. The work profile of Mr. Careless Involves advising the clients about taking position in Future Market to obtain hedge in the position they are holding. Mr. ZZZ, their regular client purchased 100,000 shares of X Inc. at a price of 322 and sold 50,000 shares of A plc for 340 each having beta 2. Mr. Careless advised Mr. ZZZ to take short position in Index Future trading at 31,000 each contract. Though Mr. Careless noted the name of A plc along with Its beta value during discussion with Mr. ZZZ but forgot to record the beta value of X Inc. On next day Mr. ZZZ closed out his position when: • Share price of X Inc. dropped by 2% • Share price of A plc appreciated by 3% • Index Future dropped by 1.5% Mr. ZZZ, informed Mr. Careless that he has made a loss of 3114,500 due to the position taken. Since record of Mr. Careless was incomplete he approached you to help him to find the number of contract of Future contract he advised Mr. ZZZ to be short to obtain a complete hedge and beta value of X Inc. You are required to find these values.