It is February 21, 2022, and you own IBM stock. You would like to insure that the value of your holdings will not fall significantly. Using the data in Problem 3, and expressing your answer in terms of a percentage of the current value of your portfolio:

a. What will it cost to insure that the value of your holdings will not fall below $115 per share between now and March 18, 2022?

b. What will it cost to insure that the value of your holdings will not fall below $115 per share between now and April 14, 2022?

c. What will it cost to insure that the value of your holdings will not fall below $120 per share between now and April 14, 2022?

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