A stock price is currently $30. During each two-month period for the next four months it is expected to increase by 8% or decrease by 10%. No dividend payment is expected during these two periods. The risk-free interest rate is 5% per annum. If you use a two-step tree to do the valuation, what, to the nearest cent, is the value of a European put option with a strike price of $32 that expires in four months?