A mutual fund wishes to hedge its $500,000 face value bond portfolio, currently priced at 96-00 (32nds). The bond portfolio has a duration of 11 5 years It will hedge with T-bond futures ($100,000 free) priced at 99-08 (32nds) and have a duration of 8.6 years. Ir price changes in the spot market exactly match those in the futures market, how many contracts are needed to hedge? Should the contracts be bought sold? 6; sold 6; bought 7; sold 7; bought 8; bought