Robert Walter is a recently retired executive from Cardinal Industries. Over the years he has accumulated $10 million worth of Cardinal stock, which is currently traded at $50/share, and another $2 million in a cash savings account. Walter would like to consider neutralizing his Cardinal equity position from changes in the stock price of Cardinal. Using the information in the Table below, how many standard Cardinal European options would have to be bought/sold in order to create a delta neutral portfolio?

Cardinal (at-the-money) Option Information Premium delta European call $6.31 0.5977 European put $4.83 -0.4023 American call $6.28 0.5973 American put $4.96 -0.4258 A) Buy 497,141 put options. B) Sell 497,141 put options. C) Sell 119,540 call options. D) Buy 370,300 call options