Sonja and Erik each buy a European call option on TFS. S=50,K=45,=25%,r=4%,d=1%,T=3months. Bothofthem delta hedge their option. 1 month later, S = 47 and Erik rebalances his delta hedge but Sonja does not. 2 months later, S = 49 and Erik again rebalances his delta hedge and Sonja does not. When the option expires, S = 45 and both Erik and Sonja close out their positions. Construct the portfolios for each of them for times t = 3 months to expiry, 2 months, 1 month, and at expiration. In the end, who makes more/loses less money, Erik or Sonja?