Malmentier SA stock is currently priced at $20, and it does not pay dividends. The instantaneous risk-free rate of return is 3%. The instantaneous standard deviation of Malmentier SA stock is 45%. You want to purchase a put option on this stock with an exercise price of $25 and an expiration date 30 days from now. According to the Black-Scholes OPM, you should hold shares of stock per 100 put options to hedge your risk. 56 60 95 100