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QUESTION 3 3.1 Consider a European put option with the following information. Time to expiration 6 months Standard deviation 32.13% Exercise price 106 Stock price 100 Interest rate 5% Dividends NO The Black-Scholes option valuation model has been popular with investors since its creation in Black and Scholes (1973). Use Black-Scholes (and the put-call parity, if needed) and compute the value of this put option IF this put option is actually selling at 12, what does it mean for the implied volatility? Assume no changes to other variables. What are the main advantages and limitations of the Black-Scholes model? Your discussion would benefit from the inclusion of real-world examples and appropriate academic references, Support your answer with calculations and/or reasons behind. The maximum word count is 400 words (12%)