A stock is selling for $32.70. The strike price on a put, maturing in one year, is $35. The possible stock prices in one year are $39.50 and $28.40. If interest rates are 6.0%, the stock's dividend yield is 1.0%, what is the option price by the Binomial Model?

Group of answer choices

$ 1.92

$ 2.28

$ 2.87

$ 4.20