An exchange rate is currently AUD 1 = USD 0.66. It is expected to move up to AUD 1 = USD 0.72 or down to AUD 1 USD 0.62 in the next nine months. The risk-free interest rates (continuously compounded) are: AUD or Australian Dollars USD or United States Dollars 5.0% p.a. 10.20% p.a. Required What is the value of a nine-month American put option with a strike price of AUD 1 USD 0.68 (i.e., the put option holder has the right to sell 1 AUD in exchange for 0.68 USD)? Use a one-period binomial model