Reconsider the determination of the hedge ratio in the two-state model where we showed that one-third share of stock would hedge one option. The possible end-of-year stock prices, uS₀ = $135 (up state) and dS₀ = $92 (down state).

1.	What would be the hedge ratio for each of the following exercise prices: 135, 122, 112, 92? (Round your answers to 3 decimal places.)

Exercise Price		Hedge Ratio
	135
	122
	112
	92