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The current stock price of Alcoa is $60, and the stock does not pay dividends. The instantaneous risk-free rate of return is 6%. The instantaneous

The current stock price of Alcoa is $60, and the stock does not pay dividends. The instantaneous risk-free rate of return is 6%. The instantaneous standard deviation of Alcoa's stock is 25%. You want to purchase a put option on this stock with an exercise price of $65 and an expiration date 30 days from now. According to the Black-Scholes OPM, you should hold __________ shares of stock per 100 put options to hedge your risk.

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