You are attempting to value a put option with an exercise price of $104 and one year to expiration. The underlying stock pays no dividends its current price is $104, and you belleve it has a 50% chance of increasing to $118 and a 50% chance of decreasing to $90 The risk free rate of interest is 11% Calculate the value of a put option with exercise price $104. (Do not round intermediate calculations, Round your answer to 2 decimal places.) Value of a put option