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The price of a non-dividend stock is $50 . A stock option dealer has just sold 20,000 put options on the stock. The options have

The price of a non-dividend stock is $50. A stock option dealer has just sold 20,000 put options on the stock. The options have 6 months to expiration and a strike price of $45. The risk-free rate is 5% and the implied volatility of the options is 33.06%.

Calculate the correct number of shares of stock in the dealer's Delta hedge position.

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