The portfolio manager is about to hedge the market risk where a $10 million portfolio is exposed. The manager is looking to buy the index Put option out of fear that the market will drop significantly over the next six months and the value of the portfolio will fall below $9.5 million. The stock price index is now 500, and one option trades 100 times the index. Let's say that the risk-free interest rate is 10% per annum, and dividends are not paid. When the beta value of the portfolio's market is 0.5, what is the exercise price that the put option to be used for the hedge strategy should have?

Round to the second decimal place.