We will derive a two-state put option value in this problem. Data: So = 100; X = 110; 1 +r= 1.10. The two possibilities for Spare 130 and 80. a. The range of S is 50 while that of P is 30 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.) Hedge ratio b-1. Form a portfolio of three shares of stock and five puts. What is the (nonrandom) payoff to this portfolio? (Round your answer to 2 decimal places.) Nonrandom payoff b-2. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value S c. Given that the stock currently is selling at 100, calculate the put value. (Round your answer to 2 decimal places.) Put values