An analyst wants to use the Black-Scholes model to value call options on the stock of Ledbetter Inc. based on the following data: The price of the stock is $45. The strike price of the option is $40. The option matures in 6 months (t = 0.5). The standard deviation of the stocks returns is 0.50, and the variance is 0.25. The risk-free rate is 5%. Using the Black-Scholes model, what is the value of the put option?