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.

a.

A long position in a forward contract.

b.

A long position in a futures contract.

c.

A short position in call option.

d.

A long position in a put option.