Suppose you hold LLL employee stock options representing options to buy 10,600 shares of LLL stock. You wish to hedge your position by buying put options with threemonth expirations and a $27.2 strike price. LLL accountants estimated the value of these options using the Black-Scholes-Merton formula and the following assumptions: S= current stock price =$25.42 K= option strike price =$27.85 r= risk-free interest rate =0.043 = stock volatility =0.24 T= time to expiration =3.5 years How many put option contracts are required? (Note that such a trade may not be permitted by the covenants of many ESO plans. Even if the trade were permitted, it could be considered unethical.) (Round your answer to the nearest whole number.) A stock has a price of $24 and an annual return volatility of 52 percent. The risk-free rate is 3.1 percent. Perform calculations in Excel. a. Calculate the call and put option prices with a strike price of $32.5 and a 90 -day expiration. (Round your answers to 2 decimal places. Omit the "\$" sign in your response.) b. Calculate the deltas of the call and put. (Negative amounts should be indicated by a minus sign. Round your answers to 4 decimal places.)