In addition to the five factors discussed in the chapter, dividends also affect the price of an option. The Black-Scholes option pricing model with dividends is: C = S X e d x N (d1) - EX e-R x N (4) d = [In(S /E) + (R-d+o2 /2) t] (o - Vt) d2 = d -o XV All of the variables are the same as the Black-Scholes model without dividends except for the variable d, which is the continuously compounded dividend yield on the stock. The put-call parity condition is altered when dividends are paid. The dividend-adjusted put-call parity formula is: S X e-dt +P = Ex e-R +C where d is the continuously compounded dividend yield. A stock is currently priced at $86 per share, the standard deviation of its return is 60 percent per year, and the risk-free rate is 3 percent per year, compounded continuously. What is the price of a put option with a strike price of $82 and a maturity of six months if the stock has a dividend yield of 3 percent per year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Price of the put option