An investor owns 1,000 Microsoft shares currently worth $28 per share. Which of the following strategies can help the investor to hedge the risk of the investment by locking in a sale price or fixing a minimum sale price? Assume Microsoft shares are the underlying asset of all the contracts.

Select one:

a. $0m

b. $6.82m

c. $16m

d. $8.98m

e. $1.2m