A European put has an exercise price of $70.00, one year until expiration, and the risk-free interest rate is 4.3% per year. The asset price is $67.88 and its volatility is 38% per year. According to a two-period binomial option pricing model, what is the option's value?

$9.76

$9.08

$8.48

$10.77

$11.45