5. A manager would like to protect a $1,000, 000 portfolio from any decline below $800,000 in the next three months before transaction costs and premiums. The risk free rate is 48. The beta of the portfolio is 2. The stock index is at 250 Three-month puts on the index are available with Exercise Price: 220 225 2 230, and 235 Premium: $1 7 What is the best strategy(lowest cost) the manager could use to achieve his/her goal if the future index level is expected to be: 215 220 225 or 230? Justify your