A put option on a stock with a current price of $38 has an exercise price of $40. The price of the corresponding call option is $3.00. According to put-call parity, if the effective annual risk-free rate of interest is 5% and there are four months until expiration, what should be the value of the put? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Value of the put $____