The greek letter delta, , represents the sensitivity of the price of stock options to price movements of the stock upon which the derivative option is based. If an option has = 0.50, then an $1.00 increase in the underlying stock should result in a $0.50 increase in the value of that option. Joseph owns an option on 200 shares of XYZ Corporation. That stock is currently prices at $45.00 per share. If the price of the stock of XYZ were to decrease by 2%, what would be the expected change in the value of Joseph's option if its = 0.40?