The current price of a stock is $286 and the annual standard deviation of the rate of return on the stock is 40%. The stock is expected to pay dividends of $1.19 in 2 months and $1.19 in 5 months. A European put option on the stock has a strike price of $300 and expires in 0.75 years. The risk-free rate is 3% (continuously compounded).

What is the present value of the dividends?

What is N(-d₁)?

What is N(-d₂)?

What should be the price (premium) of the put option?