We will derive a two-state put option value in this problem. Data: Sp = $250; X = $260: 1 + r= 1.10. The two possibilities for Sy are $280 and $180. Required: a. The range of Sis $100 while that of Pis $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.) Hedge ratio 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.) Nonrandom payoff c. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value d. Given that the stock currently is selling at $250, calculate the put value. (Do not round intermediate calculations and round your answer to 2 decimal places.) Put value