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The stock price of Bravo Corp. is currently $75. The stock price a year from now will be either $120 or $45 with equal probabilities.

The stock price of Bravo Corp. is currently $75. The stock price a year from now will be either $120 or $45 with equal probabilities. The interest rate at which investors invest in riskless assets is 3%. Using the binomial OPM, the value of a put option with an exercise price of $105 and an expiration date 1 year from now should be worth __________ today.

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