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Consider a European put option on a (non- dividend paying) stock currently worth 20. The option's exercise price is 40, the continuously compounded interest rate

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Consider a European put option on a (non- dividend paying) stock currently worth 20. The option's exercise price is 40, the continuously compounded interest rate is 2% and the option has 6 months to maturity. Which of the values below provides the tightest valid lower bound on the value of the option

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