The stock price of Bravo Corporation is currently $180. The stock price a year from now will be either $305 or $125 with equal probabilities. The interest rate at which investors invest in riskless assets is 2%. Using the binomial OPM, the value of a put option with an exercise price of $230 and an expiration date 1 year from now should be worth __________ today. (Round intermediate calculation to 2 decimal places.)

Multiple Choice

• $49.42

• $73.00

• $69.03

• $42.52