QUESTION 3, [4 points] CISCO CEO has 15 million shares of ssocks and 10 millson shares of options (of CISCO). The stock retum volatility \\( (\\sigma) \\) is 0495 , dividend yield (d) is 0.0 , riskfree rate ( \\( \\mathrm{r} \\) ) is 0.01 , and maturity (T) is 18 years. [ For Questions 3-1 through 3-4, suppose that getions were aranted out-0f-maner he 51 in Msy 2015. 3-1. Find cotion's delta as of December 2015? 3-2. Find inctease in CEO wealth for \\( \\$ 1 \\) inctease in CISCO's stock priee ss of December 2015 3-3. Suppose that CISCO announced that the options granted to the CEO in May 2015 were actually grantod out-ofmoncy by 51 in Sexiember 2015 . How mueh (in terns of dollar amount) dsd the CEO gain by misceporting the cetion granling date by 4 months? 3-4. The economic meaning of option \\( (\\mathrm{X}) \\) is the change in option price for a unit increase in volatility. Fill in the \\( (\\mathrm{X}) \\)