QUESTION 4 You observe a $20 price for a non-dividend-paying stock. The PUT option has two periods to mature, the periodically compounded risk-free interest rate is 4%, the exercise price is $18,0 = 1.296, and 0.714. Assume the option is European-style. Based on a two-period binomial tree model, the current put option value is closest to: $0.396 $1.396 $4.754 $3.754