Calculate the price of a put option with an exercise price of $100 and three months to expiration. The underlying stock pays no dividend and has a current price of $95. It is expected that the stock price in three months will be either $9X.X or $11X.X, where XX is the last two digits of your student number.(22) If the annual risk-free rate is 5%, calculate the price of the put option using binomial option-pricing model.