3. Assume that you have Tk.11, 000 at your disposal for investment and planning to invest it for three months. IUB Companys stocks, in which you are particularly interested, are selling for Tk. 100 each. Put options on IUB stock, having strike price of Tk. 105 and exercise date after three months, are selling for Tk. 10 each. Now you are confused about whether you should go for hedging or speculation, as you believe that the price will go down. What will be the gain or loss for you by being a a) hedger and b) speculator, if the IUB stock price after three months are (a) Tk. 75 (b) Tk. 130 ?