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A stock is currently priced at $37 and will move up by a factor of 1.32 or down by a factor of 0.49 each period

A stock is currently priced at $37 and will move up by a factor of 1.32 or down by a factor of 0.49 each period over each of the next two periods. The risk-free rate of interest is 3 percent. What is the value of a put option with a strike price of $48

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