The current stock price of Alcoa is $80, and the stock does not pay dividends. The instantaneous risk free rate of return is 4%. The instantaneous standard deviation of Alcoco's stock is 30%. You want to purchase a put option on this stock with an exercise price of $85 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. 034 38 73 78