We will derive a two-state put option value in this problem. Data: S0=$190;X=$200;1+r=1.10. The two possibilities for ST are $220 and $120. Required: 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.) 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.) Answer is complete but not entirely correct. d. Given that the stock currently is selling at $190, calculate the put value. (Do not round intermediate calculations and round your answer to 2 decimal places.)