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A stock is currently priced at $ 4 9 and will move up by a factor of 1 . 4 8 or down by a

A stock is currently priced at $49 and will move up by a factor of 1.48 or down by a factor of 0.88 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 $69?

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