A stock is currently selling for $50. At the end of three months, the stock price will be either $55 or $45. The risk-free rate is 8% per annum with continuous compounding. Find the price of a three month European put option on the stock with a strike price of $52. Verify that the no-arbitrage approach and the risk-neutral valuation approach give the same answer. For the no-arbitrage approach consider the portfolio: short shares and short one put option