Now consider an option to sell the stock for $150. Once again, assume the stock can only go up to $190 or down to &130. The semi-annual interest rate is 4%. Calculate the payoff of the option. a) Calculate the option delta b) How much do you need to borrow / lend to replicate the payoff of the option? c) Calculate the value of the option using the stocks traded and amount borrowed. d) Calculate the value of the option using put-call parity. e) Calculate the value of the option using risk-neutral probabilities.