Suppose that JPMorgan Chase sells call options on $1.15 million worth of a stock portfolio with beta = 1.50. The option delta is 0.55. It wishes to hedge its resultant exposure to a market advance by buying a market-index portfolio. Suppose it use market index puts to hedge its exposure. The index at current prices represents $2,000 worth of stock. a. How many dollars' worth of the market-index portfolio should it purchase? Answer is complete and correct. Market index portfolio $ 948,750 b. What is the delta of a put option? (Round your answer to 2 decimal places. Negative amount should be indicated by a minus sign.) Answer is complete and correct. Delta (0.45) c. Complete the following: (Round your answer to 1 decimal place. Negative amount should be indicated by a minus sign.) Answer is complete but not entirely correct. Assuming the 1 percent market movement, JP Morgan should sell 10.5 X put contracts