The share price of Honeybear Inc is $44.75. Call options written on Honeybear have an exercise price of $40 and mature in 71 days. The risk free rate is 6.5% and the annual volatility of Honeybear is 9.60%. What actions must you take in order to create a perfect hedge in the following situations?

1. If you own 100 shares, how many put options should you buy or sell?

2. If you own 5 call options, how many shares of stock do you need?

3. If you own 1 put, how many calls do you need to buy/sell?