We will derive a two-state put option value in this problem. Data: S₀ = $180; X = $190; 1 + r = 1.10. The two possibilities for S_T are $210 and $110. a. The range of S is $100 while that of P is $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.) (The answer for this one is -.80) :) b. Form a portfolio of four shares of stock and five puts. What is the (nonrandom) payoff to this portfolio? (Round your answer to 2 decimal places.)

c. What is the present value of the portfolio? (Round your answer to 2 decimal places.)

d. Given that the stock currently is selling at $180, calculate the put value. (Do not round intermediate calculations and round your answer to 2 decimal places.)