can you kindly explain how they arrived at the answers

- 5. The stock price on BABA is at $180. The 3-year 25-delta put option on the stock has a strike (K) of 150, and NC-di) = 0.25 N(da) at 0.60. NC-du) = 0.4 P= -SN(-2) + K No-ch) (a) (3) Compute its option value based on the Black-Scholes Merton formula (15) (b) (3) If the stock price goes down by $1, how much do you expect the put option value to change? -IX(-4)= 0.7- ISO X0.25 + 150 x 4 =-45+60= 15 (ar