You are attempting to value a put option with an exercise price of $$108$ and one year to expiration. The underlying stock pays no dividends, its current price is $$108,$ and you believe it has a $50\%$ chance of increasing to $$122$ and a $50\%$ chance of decreasing to $$94.$ The risk$-$free rate of interest is $11\%.$ Calculate the value of a put option with exercise price $$108.$

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.You are attempting to value a put option with an exercise price of $$108$

and one year to expiration. The underlying stock pays no dividends, its

current price is $$108,$ and you believe it has a $50\%$ chance of increasing

to $$122$ and a $50\%$ chance of decreasing to $$94.$ The risk$-$free rate of

interest is $11\%.$ Calculate the value of a put option with exercise price

$$108.$

Note: Do not round intermediate calculations. Round your answer to

$2$ decimal places.

Answer is complete but not entirely correct.