Need explnation. How is it 0-75 and what is the formula they are using? Can't understand anything.

56. The stock price of Bravo Corp. is currently $100. The stock price a year from now will be either $160 or $60 with equal probabilities. The interest rate at which investors invest in riskless assets at is 6%. Using the binomial OPM, the value of a put option with an exercise price of $135 and an expiration date one year from now should be worth today. A. $34.09 B. $37.50 $38.21 D. $45.45 0-75 H-75 160-60 Selling the stock and buying a 1-year discounted note with a $160 face value will give the same payoff as investing in (1/.75) puts P .75 160 -100)=3821 1+.06