3 A superannuation fund is holding a large number of National Bank Limited shares in an investment portfolio and wishes to protect the value of the investment. The National Bank Limited shares currently trade at $24.49. The superannuation fund buys a put option with an exercise price of $24.00 per share and a premium of $0.95 per share a. What is a put option? b. By entering into this option strategy, explain whether the superannuation fund will exercise the option if the spot price is above or below the exercise price