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A 3-month European Put option on a non-dividend paying stock is currently selling at $3.00. The stock price is $35. The exercise price is $40,

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A 3-month European Put option on a non-dividend paying stock is currently selling at $3.00. The stock price is $35. The exercise price is $40, and the risk-free rate is 4% per annum. What should be the minimum price of this Put Option? Lower Bound European put: p>PV(X)S

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