(2 c) The strike price of a European put option is $30, the current price of the underlying stock is $24, the risk-free nominal rate of return is 6% and every six months the stock can either increase by a factor of 1.6 or decrease by a factor of 0.5. If the probability of the stock decreasing every six months ( ) is 0.75, calculate the price of the put option if it is priced under the Binomial Method and expires in one year. [6 marks]

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