Show me the steps to solve Rush$-$and$-$Cash's stock is currently traded at $$160$ per share. The stock price will either go up or go down by $20\%$ in each of the next two years. The annual interest rate is $3\%.$ Assume the stock pays no dividends the next two years. Bank XYZ issues a two$-$year European call option on the stock with the strike price $$220.$ Suppose the price goes up at Year $1.$ How many shares of the stock and cash do you need to replicate the payoff of the call option? $($in Year $1)$ Cash, $ unanswered Use minus sign if you borrow cash for the portfolio Shares of stocks, unanswered Use minus sign if you short stock for the portfolio