You wish to hedge a $10 million stock portfolio with a portfolio beta equal to 1. The hedging index put option has a delta equal to −.5 and a contract value of $200,000. Which of the following hedging transactions is required to hedge the stock portfolio?

a. Write 200 put option contracts.

b. Write 100 put option contracts.

c. Buy 200 put option contracts.

d. Buy 100 put option contracts.