Alan just bought 100 shares of Global, Inc. (GLO) at $45 per share and as protection he also bought a three-month put with a $45 strike price at a cost of $400. One of two scenarios is expected to occur in the next three months: (1) GLO stock declines to $33; (2) GLO stock rises to $61. a) Calculate the profit/loss and total rate of returns of Alan's investment with hedging (including the stock return, not just the option itself) under each scenario; b) Calculate the rate of return if Alan didn't buy the put option in each scenario; c) Compare the returns in (a) and (b) and explain how the hedge has provided protection for Alan's position in GLO. Ignore transaction costs.