What Portfolio Position in Stock and T-Bills Will Ensure You

Multiple Choice

What portfolio position in stock and T-Bills will ensure you a payoff equal to the payoff that would be provided by a protective put with X = $50?

A) ½ share of stock and $25 in bills
B) 1 share of stock and $50 in bills
C) ½ share of stock and $26.19 in bills
D) 1 share of stock and $25 in bills