We will use the binomial option pricing model to value the following put option on a stock. Time to expiration is one year. The current stock price is $212.00. The exercise price is $230.00. The risk-free rate is 3.50%. At expiration, the stock price can be either $250.00 or $200.00.

a. What is the put option delta?

b. What is the payoff of the perfect hedge portfolio with 1 option and some stock?

c. What is the value of the put option today?