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You are attempting to value a put option with an exercise price of R100 and 1 year to expiration. The underlying stock pays no dividends,

You are attempting to value a put option with an exercise price of R100 and 1 year to expiration. The underlying stock pays no dividends, its current price is R100, and you believe it has a chance of increasing to R115 or decreasing to R80. The risk-free rate of interest is 10%. Calculate the put options value using the binomial model.

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