We will derive a two-state put option value in this problem. Data: S0=$120;X=$130;1+r=1.10. The two possibilities for ST are $140 and $90. Required: a. The range of S is $50 while that of P is $40 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.) 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 $120, calculate the put value. (Do not round intermediate calculations and round your answer to 2 decimal places.)