Question: last answer was wrong!! it is NOT $16.20 You are attempting to value a put option with an exercise price of $108 and one year

last answer was wrong!! it is NOT $16.20

You are attempting to value a put option with an exercise price of $108 and one year to expiration. The underlying stock pays no dividends, its current frice is $108, and you believe it has a 50% chance of increasing to $130 and a 50% chance of clecreasing to $86. The risk-free rate of interest is 5%. Calculate the value of a put option with exercise price $108. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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