3. Suppose that the trader holds a portfolio consisting of options on an asset. The delta and gamma of the portfolio with respect to the actual changes in the asset price are -25 and -3 , respectively. (1) What's the interpretation of the numbers? (2) Given the asset price as $25, what are the delta and gamma with respect to proportional changes in the asset price? (3) Derive a quadratic relationship between the change in the portfolio value and the percentage change in the underlying asset price in one day. (4) Suppose that the vega of the portfolio is -2 per 1% change in the volatility. Derive a model relating the change in the portfolio value to delta, gamma and vega