A two-year at-the-money European put option on a stock is priced using the Black- Scholes formula. The stock pays dividend at the rate of 5% per annum and its expected rate of appreciation is 18% per annum. The volatility of the stock is 25% per annum. Given that the stock's Sharpe ratio is 0.56, calculate: (i) The elasticity of the put option. (ii) The put option's volatility