5. a In Black Scholes option pricing model explain what it means if N(d₁ ) is 0.75 in terms of the movements in the stock and call option price.

b. What is N(d₁ ) referred to (what is the name) and what does it show?

c. How many call options can you write on one share of stock if N(d₁ ) is 0.75 in order to have a fully neutral hedged position?