The current price of ABC Co. is $66 a share and its (annualized) standard deviation is 45%. ABC won’t pay any cash dividends within six months. A 6-month call option on ABC stock with a $65 exercise price is selling for $3. What is the put option price on ABC with the same exercise price ($65) and expiration date (6 months). Assume the risk-free rate is 5 percent and use continuous compounding.