How to count out the $-30500 by using the formula? Because the ans i come out is $-51000

Nick Fitzgerald holds a well-diversified portfolio of high-quality, large-cap stocks The current value of Fitzgerald's portfolio is $750,000, but he is concerned that the market is heading for a big fall (perhaps as much as 20%) overthe next three to six months. He doesn't want to sell any of his stocks because he feels they all have good long-term potential and should perform nicely once stock prices have bottomed out As a result, he's thinking about using index options to hedge his portfolio. Assume that the SOO currently stands at 2,200 and among the many put options available on this index are that have caught his eye: (1) a six-month put with a strike price of 2, ISO thats trading at 57500, and (2) a six-month put with a strike price of 2,076 that's quoted at SS&SJ a. How many S&P SOO puts would Nick have to buy to protect his $750,000 stock portfolio? How much would it cost him to buy the necessary number of puts with a $2, ISO strike price? How much would it cost to buy the puts with a S2,D7S strike price? b. Now, considering the performance of both the put options and Nick's portfolio, determine how much net profit (or loss) Nick will earn from each of these put hedges if both the market (as measured by the S&P 600) and Nick's portfolio fall by over the next six months. What if the market and Nick's portfolio fall by only What f they go up by c. Do you think Nick should set up the put hedge and: if so: using which put option? Explaim d. Finally, assume that the DJIA is currently at 17,880 and that a six-month put option an the Dow is available with a strike price of 174, and is currently trading at $8.00. How many of these puts would Nick have to buy to protect his portfolio. and what would they cost? Would Nick be better off with the Dow options or the 2, ISD puts? Sriefly explain