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A stock with a current price of $57 has a put option available with a strike price of $54. The stock will move up by

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A stock with a current price of $57 has a put option available with a strike price of $54. The stock will move up by a factor of 1.26 or down by a factor of 89 over the next period and the risk-free rate is 3 percent. What is the price of the put option? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Price of the put option

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