Parker has a bag that contains orange chews, apple chews, and lime chews. He performs an experiment. Parker randomly removes a c
hew from the bag, records the result, and returns the chew to the bag. Parker performs the experiment 40 times. The results are shown below: A orange chew was selected 13 times. A apple chew was selected 9 times. A lime chew was selected 18 times. Based on these results, express the probability that the next chew Parker removes from the bag will be orange or lime as a fraction in simplest form.
The put option will be exercised only if the final price is below the strike price. If the final price exceeds the strike price, there will simply be a loss equal to the cost of the option.
