are attempting to value a put option with an exercise price of $108 and one year to expiration. The underlying stock pays no idends, its current price is $108, and you believe it has a 50% chance of increasing to $133 and a 50% chance of decreasing to 3. The risk-free rate of interest is 9%. Calculate the value of a put option with exercise price $108. te: Do not round intermediate calculations. Round your answer to 2 decimal places