b. Consider the data on a European put option, as described below. Stock price today 5.03 Exercise price 5.00 Maturity One year Risk-free interest rate 0.4822% per annum Stock price may either go up by 57.04% or down by 36.32% between now and the maturity 0 Use a one-period binomial tree approach to value the put option. (1) Replicate an investment in the stock by a combination of the put option and risk-free lending