You would like to be holding a protective put position on the stock of XYZ Company to lock in a guaranteed minimum value of $$240$ at year$-$end. XYZ currently sells for $$240.$ Over the next year, the stock price will either increase by $7\%$ or decrease by $7\%.$ The T$-$bill rate is $3\%.$ Unfortunately, no put options are traded on XYZ Company.

Required:

a$.$ How much would it cost to purchase if the desired put option were traded?