A stock option market maker has a portfolio consisting of 200 shares of ABC Corp, and the following option positions on ABC Corp. For simplicity, each option is assumed to be written on a single share of the stock.

Quantity	Exercise Price	Option Type (S=Underlying, c= call, p =put)	Price	Delta	Gamma
200		S	120	1.0000	0.0000
150	120	c	4.3585	0.5362	0.0385
-120	125	c	4.1383	0.4179	0.0268
100	115	p	4.1947	-0.3289	0.0202
-100	130	c	2.5891	0.2982	0.0238

The market maker is worried about stock price movements in ABC's stock and would like to make his portfolio delta-neutral and gamma neutral over the night. The current stock price of ABC is $120, the volatility of the stock is 30%, and the risk-free rate is 5%. The market maker can form the hedge using a 3-month futures on ABC stock whose price is at full carry and either one of two options on ABC stock whose attributes are

Exercise price	Option Type	Price	Delta	Gamma
110	p	1.7220	-0.1994	0.0191
125	c	2.3255	0.3505	0.0359

Based on the above conditions, answer the following questions.

(please use SOLVER in Excel)

1.How many futures contracts should be bought or sold if he uses futures and call option? (+ : Long, -: Short)

2.How many option contracts should be bought or sold if he uses futures and call option? (+ : Long, -: Short)

3.How many futures contracts should be bought or sold if he uses futures and put option? (+ : Long, -: Short)

4.How many option contracts should be bought or sold if he uses futures and put option? (+ : Long, -: Short)