A European put option has strike price K and time to maturity T. The underlying asset is a stock with price S. The put option's delta is . a) How to construct a delta-hedged put option strategy if a trader purchases one put option? ( 2 marks) b) Suppose at the maturity, the terminal stock price is ST. Explain the payoff for each position and the total payoff from this option strategy, in different terminal stock price ( ST ) scenarios