23. Consider the following information for an individual stock: Current share price is $10 Risk-free rate is 5% pa compounded continuously Volatility of the stock returns (o) is 30% pa Strike price is $12 Time to maturity of the option is 9 mths The firm is expected to pay dividend estimated at $1 per share in 2 mths, $1.40 per share in 8 mths and $1.80 per share in 14 mths. Use the closed-form Black-Scholes model to price the European put option with the above characteristics a) 3.96 b) 5.13 c) 1.25 d) None of the above