Choose ONE (1) of the following options.

Option 1: Assuming a 365-day year, what is the annual cost (%), in 4 decimal places, of forgoing a cash discount under the terms of sale 3/20, n/60? Do not enter "%" in your answer. Example: answer = 0.1602982, enter "16.0298" for 16.0298%, leaving out %.

Option 2: A buyer of a particular stock purchased a put option at a strike price of $70 when the stock was selling for $77. If the stock is selling for $61.6 on the expiration date, then the put option is worth: (Do not enter "$" in your answer.)