We will derive put option value using the binomial option pricing model in this problem. Data: S_0=250; X=260; 1+r=1.1. The two possibilities for S_T are 280 and 180. 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 answer to 2 decimal places.) Form a portfolio of 4 shares of stock and 5 puts. What is the (nonrandom) payoff to this portfolio? (Round your answer to 2 decimal places.) What is the present value of the portfolio? (Round your answer to 2 decimal places.) Given that the stock is currently selling at 250, calculate the put value. (Round your answer to 2 decimal places.)