Malmentier SA stock is currently priced at $55, and it does not pay dividends. The instantaneous risk-free rate of return is 5%. The instantaneous standard deviation of Malmentier SA stock is 40%. You want to purchase a put option on this stock with an exercise price of $60 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.

• 36

• 40

• 75

• 80