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Today's price of Microsoft (MSFT) is $100 per share. MSFT does not pay dividends. One year from today, there are two possible states, In the

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Today's price of Microsoft (MSFT) is $100 per share. MSFT does not pay dividends. One year from today, there are two possible states, In the u state, the price of MSFT is $200. In the d state, the price of MSFT is $50. The c.c. risk-free interest rate is three percent. You are interested in a European put option on MSFT with a strike of $100 and a maturity of one year. Assume there is no arbitrage. What is the price of the put option? Round your answer to three decimal places

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