A stock price is currently $50. It is known that at the end of six months it will be either $60 and $40. The risk free rate of interest with continuous compounding is 8% per annum. Calculate the value of a six month European put option on the stock with an exercise price of $52.

A. 5.33

B. The put is out of the money and therefore worthless

C. 4.59

D. 4.63