A Europeanbinaryput option has a payoff of $1 when the option is in the money (K >= S_T) and a payoff of $0 when the option is out of the money (K < S_T).Using the following data, find the price of the binary put (recall that you can use risk-neutral probabilities to price any type of option, not just standard calls and puts).Use a two-step tree.

K

$21

M (years)

1

S₀

$20

r

3.0%

u

1.2

d

0.8

Enter the price using 3 decimal places.