what is the put option ?

You are attempting to value a put option with an exercise price of $109 and one year to expiration. The underlying stock pays no dividends, its current price is $109, and you belleve it has a 50% chance of increasing to $133 and a 50% chance of decreasing to $85 The risk-free rate of interest is 9%. Calculate the value of a put option with exercise price $109. Note: Do not round intermediate calculations. Round your answer to 2 decimal places