The following diagram depicts the valuation of a European put option which has a strike price of $45 using a 1-step binomial tree. The proportional up ("u") and down ("d") movements on this tree are 1.1891 and 0.8410 respectively. The branch length ("St") is 0.3333. The riskfree interest rate is 4% per annum continuously compounded. S. - $59.45 P. - 50 S - $50 P.-? S-S42.05 P.= $2.95 Time 0 Time 1/3 St = 1/3 You will calculate the value of the put option today (SP) using the delta-hedging approach. Answer each of the following questions, giving your answer to 2 decimal places. On this branch, delta (A) is equal to -0.17 which means that you need to buy the underlying shares. At time 0, in addition to entering a position of A shares, you also need to enter a short - position in the put option itself. If you set up a delta hedge at time 0, the dollar value of your two-piece delta-hedged portfolio at the end of the branch is