A stock is currently priced at $37 and will move up by a factor of 1.32 or down by a factor of .49 each period over each of the next two periods. The risk-free rate of interest is 3 percent. What is the value of a put option with a strike price of $48? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign in your response.)