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A put option expires after two periods, and in each period u=1.32 and d=0.85; the current stock price is $80 and the exercise price is

A put option expires after two periods, and in each period u=1.32 and d=0.85; the current stock price is $80 and the exercise price is $76. The risk-free rate is 2.5% per period, and there are no dividends. Calculate the Put Option Price, applying the binominal option valuation model.

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