Suppose that JPMorgan Chase sells call options on $1.60 million worth of a stock portfolio with beta = 1.95. The option delta is 0.76. It wishes to hedge its resultant exposure to a market advance by...

Could you help me with question c) please?

Extracted text: Suppose that JPMorgan Chase sells call options on $1.60 million worth of a stock portfolio with beta = 1.95. The option delta is 0.76. It wishes to hedge its resultant exposure to a market advance by buying a market-index portfolio. Suppose it use market index puts to hedge its exposure. The index at current prices represents $1,000 worth of stock. a. How many dollars' worth of the market-index portfolio should it purchase to hedge its position? Market index portfolio $ 2,371,200 b. What is the delta of a put option? (Round your answer to 2 decimal places. Negative amount should be indicated by a minus sign.) Delta (0.24) c. Complete the following: (Negative amount should be indicated by a minus sign.) Assuming the 1 percent market movement, JP Morgan should put contracts.