Data: So = 104; X=116; 1 + r= 1.12. The two possibilities for ST are 194 and 90. a. The range of S is 104 while that of P is 26 across the two states. What is the hedge ratio of the put? (Round your answer to 2 decimal places. Negative value should be indicated by parentheses.) Hedge ratio b. Form a portfolio of one share of stock and four puts. What is the (nonrandom) payoff to this portfolio? Nonrandom payoff $ 194 c. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value $ 173.21