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Consider a European put option with a strike price of $47 and 1 year to expiration. The stocks current price is $60 and pays no

Consider a European put option with a strike price of $47 and 1 year to expiration. The stocks current price is $60 and pays no dividend. You believe the stock has a 45% chance of increasing to $60 and a 50% chance of decreasing to $40. The risk-free rate is 3%. What is the options hedge ratio?

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