A portfolio manager holds a $10 million portfolio of stocks whose correlation coefficient β with S&P is 1.5.  The current price of the index futures is 1400 with a multiplier of $250. 

 Q: (1) the notional value of the futures contract; 

(2) The number of short contracts that should be held for optimal hedging. 

(3) The number of contracts with coefficient β of 2.