A collar is established by buying a share of stock for $46, buying a 6-month put option with exercise price $43, and writing a 6-month call option with exercise price $49. On the basis of the volatility of the stock, you calculate that for a strike price of $43 and expiration of 6 months, N(d_1) = .6974, whereas for the exercise price of $49, N(d_1) = 0.6504. a. What will be the gain or loss on the collar if the stock price increases by $1? (Round your answer to 2 decimal places. Omit the "$" sign in your response.) b-1. What happens to the delta of the portfolio if the stock price becomes very large? (Omit the "$" sign in your response.) b-2. What happens to the delta of the portfolio if the stock price becomes very small? (Omit the "$" sign in your response.)