Harold buys 1,000 ANZ shares at a price of $8.47 and decides to construct a hedge using an equal number of put options, with an exercise price of $8.75 and a cost of 40c per option. Ignoring the time difference between the purchase or sale 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 $8.25 and $9.00.