Consider a European put option that expires in four weeks with an exercise price of $120 trading on a stock currently priced at $126.30. Assuming an annualized volatility of the continuously compounded return on the stock of 0.78 and a continuously compounded risk-free rate of 0.0348, use the BlackScholesMerton model applied to European puts to price the option OR determine the put option theoretical value (refer to the primary textbook pages 187-187).

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