a. An investor purchases TTT stock at $72 per share and executes a protective put strategy. The put option used in the strategy has a strike price of $66, expires in two months, and is purchased for $1.45. At expiration, the protective put strategy breaks even when the price of TTT is: (Please elaborate your calculations). b. The common stock of Bill's Cars has been trading in a narrow price range for the past months. Mike holds one unit of Bill's Cars stock but is concerned that the stock price may fall soon. The stock is currently trading at 21$ per share and the price of a 1-year call option at an exercise price of 21$ is 2$. Assume that the risk-free interest rate is 5% per year. Using Put-Call-Parity relationship, what must be the price of a 1-year put option with strike 21$ on Bill's Cars stock? c. Recommend an option strategy to hedge the risk of a drop in stock price that still allows Mike to participate in stock price increases. Please illustrate the component payoffs as well as the total payoff in a diagram below.