6. Paul owns 20,000 shares of AXE. The shares are currently priced at $42. A put option on AXE with a strike price of $40 is selling at $0.50 and has a delta of -0.40. The option contract size is 200 shares. What is the number of put options necessary to create a delta-neutral hedge (Buy or write)? (10 marks) 6. Paul owns 20,000 shares of AXE. The shares are currently priced at $42. A put option on AXE with a strike price of $40 is selling at $0.50 and has a delta of -0.40. The option contract size is 200 shares. What is the number of put options necessary to create a delta-neutral hedge (Buy or write)? (10 marks)