Mark Washington, CFA is an analyst with BIC One year ago, BIC analysts predicted that the US, equity markel would experience a slight downturn and suggested delta-hedging the BIC portfolio. US. equity markets did indeed fall, but BIC's portfolio performance was disappointing. lagging its peer group by nearly 10%. Washington is reviewing the options strategy to determine why the hedged portfolio did not perform as expected BIC owns 51,750 shares of Smith \& Oates. The shares are currently pticed at $69. A call option on Smith \& Oates with a strike price of $70 is selling at $3.50 and has a delta of 0.69 . How many call options should be written to make BIC's overall position delta-neutral? Should the calls be purchased or written