Call/Put Options

I am trying to figure out how many contracts are needed to answer the question below.

You are a financial manager, and you have bonds worth $1,550,000 in your portfolio which have a 7 percent coupon rate and will be maturing in 10 years from now. The market rate is also 7 percent but is likely to either rise to 8% or fall to 6% .
Suppose a call and put option on these bonds is available with an exercise price of $1,700,000. These contracts are available in standard contract sizes of 100 options per contract at a price of $5 per contract. Show the net impact of a change in market rates if options are used for hedging the exposure.