Question 11 (3 points) The current price of a stock that does not pay dividends is $49. The risk-free rate is 4.7%. If one expects the price to either go up to $55 or go down to $31 with equal probabilities a year from now, what is the price of a European put option that expires a year from now and has the strike price of $39. (Round your answer to one decimal place.) Your