We will derive a two-state put option value in this problem. Data: S0 = 180; X = 190; 1 + r = 1.1. The two possibilities for ST are 210 and 110.a. The range of S is 100 while that of P is 80 across the two states. What is the hedge ratio of the put?(Negative value should be indicated by a minus sign. Round your answer to 2 decimal places.) Hedge ratio b-1. Form a portfolio of 4 shares of stock and 5 puts. What is the (nonrandom) payoff to this portfolio?(Round your answer to 2 decimal places.) Nonrandom payoff $ b-2. What is the present value of the portfolio? (Round your answer to 2 decimal places.) Present value $ c. Given that the stock currently is selling at 180, calculate the put value. (Round your answer to 2 decimal places.) Put value $