In project 1 and 2, we construct two portfolios. One portfolio is low-risk, the other one is high-risk. Then, we apply the Shapiro–Wilk test to test the normality assumption. In project 3, we graphically depict partial derivatives of call option C and put option P with respect to time to expiration and strike price.In project 4, following the ideas of how to delta hedge sold call options in class, we explore the impact of a non-constant volatility on the distribution of profit/loss.