A stock price is currently $100 (S₀ = $100).Over each of the next two six-month periods, it is expected to go up by 10% or down by 10%. The risk-free rate is 8% per annum with continuous compounding (r = 8%). What is the current value of a one-year (T = 1) European Put Option (P^E =?) with an exercise price of $85 (X = $85)? Use a 2-period (n = 2) BOPM, with each period equal to six months, to answer this question. [Hint: You can find C^E first and then use the Put-Call parity equation to find P^E, if this is easier.]