We will derive a two-state put option value in this problem. Data: 5o = 180; X=1901 + r= 11. The two possibilities for Sy are 210 and 110 a. The range of Sis 100 while that of Pis 80 across the two states. What is the hedge ratio of the put? (Negative value should be Indicated by a minus sign. Round your answer to 2 decimal places.) Hedpe ratio (0.80) b. Forma portfolio of 4 shares of stock and 5 puts. What is the (nonrandom) payoff to this portfolio? (Round your answer to 2 decimal places.) Nonrandom payo $ 763 64 c. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value $ 8.73 b. Forma portfolio of 4 shares of stock and 5 puts. What is the (nonrandom) payoff to this portfolio? (Round your answer to 2 decimal places.) Nonrandom payon $ 763.64 c. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value $ 8.73 d. Given that the stock currently is selling at 180, calculate the put value. (Round your answer to 2 decimal places.) Put value