6. (8 points) Consider the following options on the same stock Apple,

(i) one-year 25-delta call (ii) one-year at the money call (iii) one-year 75-delta call

1. If Apple stock price goes down, everything else held fixed, which one of the options will down the most in value?

2. If Apple stock return volatility goes up, everything else held fixed, which one of the options will go up the most in value?