Assume a fund owns 11,200 shares of BA stock that is currently selling for $183. A European call option on BA with a strike price of $175 is selling at $28 and has a delta of 0.64

-Calculate the number of European call options necessary to create a delta-neutral hedge.

-If the price of the underlying stock has moved to $182, and consequently, the delta of the call option with a strike price of $175 has decreased from 0.64 to 0.625. How would the investors portfolio of stock and options must be adjusted to maintain the delta-neutral position.

-What would be the change in the value of the previously delta-neutral portfolio is no action was taken after the price of stock changed from $183 to $182.