Merv Corp stock is currently trading at $105. The stock price a year from now will be either $175 or $70 with equal probabilities. The interest rate at which investors invest in riskless assets is 6%. Using the binomial OPM, the value of a put option with an exercise price of $150 and an expiration date 1 year from now should be worth __________ today. (Round intermediate calculation to 2 decimal places)

• $44.24

• $43.00

• $45.67

• $45.06