A stock price is currently $1300. It is known that at the end of 6 months it will be either $1300u or $1300/u, where u = 1.05. The riskfree rate is 4.5% per annum with continuous compounding. Calculate the value of a 6-month European put option on the stock with an exercise price of $1300. Verify that no-arbitrage arguments and risk-neutral valuation arguments give the same answer.