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Suppose a stock price can go up by 15.75% or down by 13.75% over the next year. You own a one-year put on the stock.

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Suppose a stock price can go up by 15.75% or down by 13.75% over the next year. You own a one-year put on the stock. The interest rate is 9%, and the current stock price is $63 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.)

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