Fred short sells 1,000 ANZ shares at a price of $26.00 and decides to construct a hedge by writing an equal number of put options, with an exercise price of $27.00 and a premium of $1.40 per option. Ignoring the time difference between the purchase of the option and its expiry: i) construct a clearly labelled diagram showing the expiry profit as a function of share-price, from the hedged position. ii) calculate the profit for the expiry share-prices of $25.00 and $28.00.