$($a$)$ The following data relates to call options on two shares P and W

Calls

P W

Months to expiration $39$

Standard deviation of stock returns $25\%25\%$

Exercise price Sh$\mathrm{.}40$ Sh$\mathrm{.}40$

Stock price Sh$\mathrm{.}32$ Sh$\mathrm{.}32$

The rate of return on treasury bills is $9\%$

Required

Using the Black and Scholes option pricing model,determine the value of a similar put option model for both P and W