The current stock price of Johnson & Johnson $($J&J$)$ is $$60,$ and the stock

does not pay dividends. The instantaneous risk$-$free rate of return is $3\%.$

The instantaneous standard deviation of J&J$$s stock is $30\%.$ You want to

purchase a put option on this stock with an exercise price of $$50$ and an

expiration date $69$ days from now. Assume $365$ days in a year. Using BlackScholes, what the put option should be worth today?

Hint: N$($d$1)=$ NORM.S$.$DIST$($d$1,$ T RUE$)($Excel formula$).$