1. Use the following information to answer the question(s) below. (Please use a copy of the Cumulative Probabilities for the standard normal distribution for these problems.) Taggart Transcontinental's stock has a volatility of 25% and a current stock price of $40 per share. Taggart pays no dividends. The risk-free interest rate is 4%. Calculate the Black-Scholes value of a one-year, at-the-money put option on Taggart stock.

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