We will derive a two-state put option value in this problem. Data: S9=100;X=110;1+r=110. The two possibilities for ST are 130 and 80. a. The range of S is 50 whille that of P is 30 accross 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.) Hedge ratio b-1. Form a portfollo of three shares of stock and five puts. What is the (nonrandom) payoff to this portfolio? (Round your answer to 2 decimal places,) Nonrandom payoif b-2. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value c. Given that the stock currently is selling at 100 , calculate the put value, (Round your answer to 2 decimal places.) Put value 5