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We are valuating the options of ABC Inc with following information. Stock price (P s ) $48 Strike (P e ) $40 Time to expiration

We are valuating the options of ABC Inc with following information.

Stock price (Ps) $48
Strike (Pe) $40
Time to expiration (T) 0.5
Standard deviation () 0.5
Interest rate (r) 0.08

Through Black-Scholes model, we find that the price of a call option as $11.99. By the put-call parity, what should be the price of the put option? Round your answer to two decimals.

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