(a) The price of a nine-month geometric average strike put option on a stock is valued using a binomial tree with each period being three months. The information on the stock is as follows: The stock's current price is 65. The stock pays continuous dividends at the rate of 1% per annum. The stock's volatility is 25% per annum. The continuously compounded risk-free interest rate is 3% per annum. Calculate the price of this option. (8 marks)