You are attempting to formulate an investment strategy. On the one hand. you,think there is great upward potential in the stock market and would like to participate in the upward move if it materializes. However, you are not able to afford substantial stock market losses and so cannot run the risk of a stock market collapse, which you think is also a possibility. Your investment adviser suggests a protective put position: Buy both shares in a market index stock fund and put options on those shares with 3-month expiration and exercise price of $780. The stock index fund is currently selling for $900, However, your uncle suggests you instead buy a 3-month call option on the index fund with exercise price $840 and buy 3-month T-bills with face value (par value) $840. You are attempting to formulate an investment strategy. On the one hand. you,think there is great upward potential in the stock market and would like to participate in the upward move if it materializes. However, you are not able to afford substantial stock market losses and so cannot run the risk of a stock market collapse, which you think is also a possibility. Your investment adviser suggests a protective put position: Buy both shares in a market index stock fund and put options on those shares with 3-month expiration and exercise price of $780. The stock index fund is currently selling for $900, However, your uncle suggests you instead buy a 3-month call option on the index fund with exercise price $840 and buy 3-month T-bills with face value (par value) $840