Use Black-Scholes Option (European) Pricing Model. Suppose a stock is trading today for $27.00. Stock annual volatility is 32.00%, has a dividend yield of 0.00%. Suppose the annual risk-free rate is 3.00% and the option exercize price is $25.00. Option expires in 0.50 years (or 180 days).

What is the value of a Put option?

Enter your answer in the following format: 1.23

Hint 1: Answer is between 1.22 and 1.45;

Hint 2: N(d1) =0.6983.