$($c$)$ You are presently managing a portfolio comprising $$40$ million in U$.$S$.$ equities and $$10$ million is U$.$S$.$ Treasury bills $($assumed to be a risk$-$free asset$).$ The U$.$S$.$ stocks have a weighted$-$average beta of $1\mathrm{.}2.$ Assume a spot S&P $500$ Index of $5,900$ and an index multiple of $100.$ What is the overall beta of your portfolio? $(1$ mark$)$ You predict that the U$.$S$.$ stock market will decline in the near future. Hence, you would like to reduce the overall beta of your portfolio to $0\mathrm{.}7$ by taking short positions in Stock Index Futures. How many SIFs should you short $($rounded up$,$ if necessary$)?$