Suppose you hold Wombat Inc. employee stock options representing options to buy 11,600 shares of Wombat Inc. stock. You wish to hedge your position by buying put options with 3-month expirations and a $23.77 strike price. Wombat Inc. accountants estimated the value of these options using the Black-Scholes-Merton formula and the following assumptions:

S = current stock price = $21.99

K = option strike price = $24.42

r = risk-free interest rate = 0.046

= stock volatility = 0.22

T = time to expiration = 3.5 years

How many put option contracts are required? (Round your answer to the nearest whole number Please )

Put option contracts

?