An investor is said to take a position in a "collar" if she buys the asset, buys an out-of- the-money put option on the asset, and sells an out-of-the-money call option on the asset. The two options should have the same time to expiration. Suppose Marie wishes to purchase a collar on Riggs, Inc., a non-dividend-paying common stock, with six months until expiration. She would like the put to have a strike price of $37 and the call to have a strike price of $70. The current price of the stock is $50 per share. Marie can borrow and lend at the continuously compounded risk-free rate of 3 percent per year and the annual standard deviation of the stock's return is 50 percent. Use the Black-Scholes model to calculate the total cost of the collar that Marie is interested in buying. (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Cost of collar