You own 50,000 shares in X PLC but you think the price might fall by 10% in the next month. However, you do not want to sell the shares, as this will incur a large tax bill. You decide to buy a 'protective put to offset the possible loss in the value of the shares. You obtain the following information: the current share price of X PLC is 2 per share and put options with a strike/exercise price of 1.90 with an expiry date next month cost 5p each. a) How many put options should be bought to offset all of expected loss from the shareholding