4. a. Consider a call option. If, in a two-state model, a stock can take a price of $120 or $90, what would be the hedge ratio for each of the following exercise prices. $120, $110, $100, 590? (Leave no cells blank-be certain to enter "O" wherever required. Round your answers to 2 decimal places.) Hedge Ratio $120 $180 Se References b. What do you conclude about the hedge ratio as the option becomes progressively more in the money? Increases to a maximum of 10 Decreases to a minimum of