You would like to hold a protective put position on the stock of ABC Corporation to lock in a guaranteed minimum value of $50 at year-end. ABC currently sells for $50. Over the next year, the stock price will increase by 10% or decrease by 10%. The T-bill rate is 5% (with continuous compounding). Unfortunately, no put options are traded on ABC Corporation. What portfolio position in stock and T-bills will ensure you a payoff equal to the payoff that would be provided by a at-the-money protective put?

0.5 share of stock and $25 in T-bills

1 share of stock and $50 in T-bills

0.5 share of stock and $26.16 in T-bills

1 share of stock and $26.16 in T-bills