Question: Needs to be done without excel formulas. You own 1,200 shares of Banner Co. stock is currently priced at $42 a share. Given this price,

Needs to be done without excel formulas.

You own 1,200 shares of Banner Co. stock is currently priced at $42 a share. Given this price, the option delta for a $40 call option on this stock is .664. What is the appropriate strategy with $40 call options needed to hedge against a - $1 change in the price of the stock? If $40 put options were used, what is the appropriate strategy needed to hedge against the same - $1 change in the stock price

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