We will derive a two-state put option value in this problem. Data: S $270; X= $280, 1. r=110. The two possibilities for Sy are $310 and $160 Required: a. The range of Sis $150 while that of Pls $120 across the two states. What is the hedge ratio of the put? (Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.) Hedge ratio b. Form a portfolio of four shares of stock and five puts What is the (nonrandom) payoff to this portfolio? (Round your answer to 2 decimal places.) Nonrandom payoff c. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value d. Given that the stock currently is selling at $270, calculate the put value (Do not round Intermediate calculations and round your answer to 2 decimal places.) Put value