An Australian financial institution has a long position in 1,000 euros (EUR) and written 1,600 call options and written 1,400 put options on the same currency. (Each option is to buy or sell 1 EUR.) The call options have a delta of 0.5 and gamma of 1.5, while the put options have a delta of -0.4 and gamma of 1.6. i) Calculate the portfolio's delta and gamma Show how the institution can use an exchange-traded put option on the EUR with a delta of -0.6 and gamma of 1.2 to make its portfolio delta and gamma neutral.