A stock price is currently $50. Over each of the next three-month periods it is expected to go up by 3% or down by 3%. The risk-free interest rate is 8% per annum with continuous compounding. What is the value of a three-month European put option with a strike price of $51? (e=2.71) (Answer is rounded)

a1.56

b1.30

c0.40

d0.19

e0.80