Question 6 (this question has three parts, (a), (b) and (c)) (3 + 4 + 3 = 10 marks) Unisuper is holding a large number of Qantas shares in an investment portfolio and wishes to protect the value of the investment. The shares currently trade at $3.28. Unisuper buys a put option with an exercise price of $3.18 and a premium of $0.08 per share. (a) What is a put option? Answer: (b) By entering this option strategy, explain whether Unisuper will exercise the option if the spot price is above or below the exercise price. Answer: (C) Calculate the break-even price for this strategy