B. Using the following table, calculate the cattle feeder's net realized price per pound of fed cattle from full hedging. Use the April 03 and August 02 cash prices, futures prices, and option premiums as listed above. Fill all the gaps, calculate cash revenue, gain/loss from hedging, and net realized price. (10 Points) Date/Action Cash Market Futures Market Apr 03, 2023 CP 170.25 cents/lb. Aug. 22 CME LC, FP = 187.25 cents/lb. None Long/Short Put with SP= c/lb. Action at P = cents/lb. Aug 02, 2023 = CP 175.00 cents/lb. Action FP 177.00 cents/lb. Buy/Sell (delete one) 200 fed animals @ 175.00 cents/lb. Exercise/Do not Exercise (delete one) Revenue from selling cattle = Gain/Loss = Total Gain/Loss = cents Net proceeds = Cash revenue + Gains from hedging Net realized price (cents/lb.) cents/lb. cents cents C. If the cattle feeder used delta hedging based on the average delta hedge ratio (that you calculated in question 4), how many put option contracts did she use? (5 Points) Answer: NFC=