a) The Black-Scholes formula for a European call option on a non-dividendpaying stock is: put =KeTN(d2)SoN(d1), where d1=Tln(S/X)+(r+2/2)T and d2=d1T Required: Use the above Black-Scholes formula to find the value of a put option written on a non-dividend paying stock when the stock price is $69, the strike price is $70, the continuously compounded risk-free interest rate is 5% per annum, the time to expiration is 6 months and the volatility is 35% per annum