Data: So 109; X 115;1+ r 1.08. The two possibilities for Sp are 135 and 85 a. The range of S is 50 while that of Pis 30 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 a minus sign.) Hedge ratio b. Form a portfolio of three shares of stock and five puts. What is the (nonrandom) payoff to this portfolio? Nonrandom payoff . 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