In addition to the five factors discussed in the chapter, dividends also affect the price of an option. the black-scholes option pricing model with dividends is: c=s × e−dt × n(d1) − e × e−rt × n(d2) d1= [ln(s /e ) +(r−d+σ2 / 2) × t ] (σ − t√) d2=d1−σ × t√ all of the variables are the same as the black-scholes model without dividends except for the variable d, which is the continuously compounded dividend yield on the stock. the put-call parity condition is altered when dividends are paid. the dividend-adjusted put-call parity formula is: s×e−dt+p=e×e−rt+c where d is the continuously compounded dividend yield. a stock is currently priced at $88 per share, the standard deviation of its return is 56 percent per year, and the risk-free rate is 5 percent per year, compounded continuously. what is the price of a put option with a strike price of $84 and a maturity of six months if the stock has a dividend yield of 3 percent per year? (do not round intermediate calculations and round your answer to 2 decimal places, e. g., 32.16.)