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Suppose a stock price can go up by 1 3 . 7 5 % or down by 1 1 . 7 5 % over the

Suppose a stock price can go up by 13.75% or down by 11.75% over the next year. You own a one-year put on the stock. The interest rate is 10%, and the current stock price is $55.
What exercise price leaves you indifferent between holding the put or exercising it now?

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