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A stock with a current price of $ 6 5 has a put option available with a strike price of $ 6 2 . The

A stock with a current price of $65 has a put option available with a strike price of $62. The stock will move up by a factor of 1.85 or down by a factor of 0.87 over the next period and the risk-free rate is 3 percent. What is the price of the put option?

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