Assume no arbitrage unless otherwise noted. The current spot price of a stock is $83.00, the expected rate of return is 8.1%, and the volatility of the stock is 18%. The risk-free rate is 4.4%. Assume the log-normal model. (a) Calculate the Delta of a portfolio containing 4 European calls and 6 European puts, each with the same strike $90.00 and expiring in 10 months. Enter your solution to two decimal places.

Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.