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10. suppose you are a trader on a derivatives desk and you have sold 5000 call options to a client. You engage in transactions in a second option (on the same underlying stock) to make your portfolio gamma neutral, but your portfolio delta is 2,115. Which of the following transactions will allow you to become delta neutral, while still remaining gamma neutral? a. buy shares in the underlying stock b. sell shares in the underlying stock c, buy contracts in a third option (on the same underlying) d, sell contracts in a third option (on the same underlying) e, not enough information 11. Which of the following statements accurately describes the volatility smile (or volatility skew) for cal options? a. in-the-money options tend to have higher implied volatilities than out-ofthe money options b, in-the-money options tend to have lower implied volatilities than out-ofthe money options c, at-the-money options tend to have higher implied volatilities than in-the money d, money options are expensive relative to Black-Scholes prices options