Use the binomial option pricing model to value the following put option on a stock. The current stock price is $227. The exercise price of the put option is $255. The option will expire in one year. On the expiration date of the option, the stock price can be either $275 or $225. The risk- free rate is 5%. a. Compute the hedge ratio for this option. b. Define the perfect hedge portfolio. What is the payoff of the perfect hedge portfolio on the expiration date of the option? 1 of 2 c. What is the value of the put option today? P Should the nut option be exercised today? Please explain