Suppose a stock price can go up by 13.25% or down by 11.25% over the next year. You own a one-year put on the stock. The interest rate is 12%, and the current stock price is $53. a. What exercise price leaves you indifferent between holding the put or exercising it now? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

please do not use excel. plase show work step by step.

thank you