In addition to the five factors, dividends also affect the price of an option. The Black- Scholes Option Pricing Model with dividends is: All of the variables are the same as the Black-Scholes model without dividends except for the variable d, which is the continuously compounded dividend yield on the stock The put-call parity condition is also altered when dividends are paid. The dividend- adjusted put-call parity formula is: where d is again the continuously compounded dividend yield A stock is currently priced at $80 per share, the standard deviation of its return is 53 percent per year, and the risk-free rate is 5 percent per year, compounded continuously What is the price of a put option with a strike price of $76 and a maturity of six months if the stock has a dividend yield of 3 percent per year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g. 32.16.) Price of put option