3.1 Dynamically hedging a short position in a call option:

a. Is guaranteed to save you money

b. Results in a reduced volatility of the gain / loss

c. Is more likely to save you money when the option expires out-of-the-money

3.2 Which statement is correct regarding the delta of a put option?

a. Delta is positive

b. In absolute value, delta < 1

c. Delta doesnt change with the underlying stock price

d. Delta is higher in absolute value when the put option is out-of-the-money (stock is high)