(Answered) What is the price of the put option

Finance

Problem: A stock with a current price of $64 has a put option available with a strike price of $61. The stock will move up by a factor of 1.16 or down by a factor of .86 over the next period and the risk-free rate is 3 percent.

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Question: What is the price of the put option? Be detailed in your response and provide examples also.

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