Please help me in this question the one in bold i ahve been able to answer but the one just after it is what i have not been able to answer. I have provided the one with the bold one as some of the information will be needed to procced with the next question. Kindly help me in the next question will a detailed explanation along with all the appropriate reasoning.

Suppose that a portfolio is worth $60 million and the S&P 500 is at 1200. If the value of the portfolio mirrors the value of the index, what options should be purchased to provide protection against the value of the portfolio falling below $54 million in one years time? Also Suppose that the portfolio has a beta of 2.0, the risk-free interest rate is 5% per annum, and the dividend yield on both the portfolio and the index is 3% per annum. What options should be purchased to provide protection against the value of the portfolio falling below $54 million in one years time?