On that day, the March T-bond futures contract closed at 99-05. The contract has a notional amount of $100,000. Its duration can be measured by that of the Cheapest-To-Deliver (CTD) bond, which is assumed to be 9.2 years. Compute the number of contracts to buy or sell to hedge the Orange County portfolio.

This contract has a typical trading volume of 300,000-400,000 contracts daily. Verify with recent volume data at the Chicago Board of Trade (CBOT). Would it have been possible to put a hedge in place in one day?