NO.PZ201601050100001703
问题如下：
The number of S&P 500 futures contracts that Whitacre should buy to equitize
Portfolio B’s excess cash position is closest to:
选项：
A. 6.
121.
1,455.
解释：
A is correct.
The number of equity index futures contracts to purchase in order
to equitize Monatize’s excess cash position is calculated as follows:
The actual futures contract purchase value of $825,000 is the product of the
quoted S&P 500 futures price of 3,300 and the designated multiplier of $250 per
index point.
中文解析：
根据题干意思可知，需要把多余的现金$4,800,000等效为持有标普500指数，因此需要将这部分cash的β调整到和标普500指数的β相同的数值。
其中标普500指数的β=1.cash的β=0. 因此βT =1.βP =0，带入上述公式就算结果为5.82份，四舍五入取整数为6份。
因此需要买入6份股指期货合约。
请问老师，要把多余的cash equitilize 掉，是把cash放在 资产方向还是target方向呀？因为我放在资产方向算出来是-5.82
4.8million+N×β(index)×Price(index)=0
如果是要放在target那边，应该怎么去理解呢？
