Question: You are attempting to value a put option with: an exercise price of $107 one year to expiration. The underlying stock pays no dividends current

You are attempting to value a put option with:

an exercise price of $107

one year to expiration.

The underlying stock pays no dividends

current price is $107

it has a 50% chance of increasing to $123 and a 50% chance of decreasing to $91.

The risk-free rate of interest is 5%.

Calculate the value of a put option with exercise price $107.

Do not round intermediate calculations. Round your answer to 2 decimal places.

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