the common stock of the p.u.t.t. corporation has been trading in a narrow price range for the past month, and you are convinced it is going to break far out of that range in the next 3 months. you do not know whether it will go up or down, however. the current price of the stock is $85 per share, and the price of a 3-month call option at an exercise price of $85 is $8.00. a. if the risk-free interest rate is 9% per year, what must be the price of a 3-month put option on p.u.t.t. stock at an exercise price of $85? (the stock pays no dividends.