It is 30 April, 2018. June Natural Gas futures are currently trading at $2.79/MMBTU. The interest rate is 2 percent. The volatility of the July futures is.60. The NG futures options expire on 27 June 2018. Use the binomial model with eight time steps to determine the price of an American put on July NG futures struck at $2.80. What is the delta of this put as of 30 April? How would you replicate a short position in this put? If the futures price rises, will you buy or sell futures as part of your replication strategy? How would you hedge a long position in this put?