3. Define and evaluate a portfolio insurance strategy for a stock portfolio currently worth $10 million. Assume that an S\&P 500 Put option is available with an exercise price of 250 , expiring in 180 days, and priced at $10. Also assume that the stock portfolio is perfectly positively correlated with the S\&P 500 index and the current spot S\&P 500 index is at 250. - Evaluate the portfolio insurance strategy at possible spot index values at expiration of 230,240,250,260, and 270. - Show how the Put inspired strategy could be replicated with a fiduciary Call. Assume that an S\&P 500 Call is available with an exercise price of 300 and expiration at the end of 180 days, and that the risk-free rate is 6% per year