A stock is currently selling at 100. A call option on the stock has an exercise price of 120. The option expires in 3 months' time. Prices for the stock could go up to 140 or down to 90. The risk-free rate is 5% per annum. (i) What are the payoffs in the two states for a corresponding put option? (ii) What are the risk-neutral probabilities? (iii) What is the value of the put option