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'ou buy a share of stock, write a one-year call option with X=$27, and buy a one-year put option with X=$27. Your net outlay to

'ou buy a share of stock, write a one-year call option with X=$27, and buy a one-year put option with X=$27. Your net outlay to stablish the entire portfolio is $25.60. What is the payoff of your portfolio? What must be the risk-free interest rate? The stock pays no lividends. (Do not round intermediate calculations. Round "risk-free rate" to 2 decimal places.)

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