Data: So = 109; X = 110; 1 + r= 1.08. The two possibilities for Smare 176 and 88. a. The range of Sis 88 while that of Pis 22 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 C. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value d. Given that the stock currently is selling at 109, calculate the put value. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Put value