Compute the following option prices with a one period time slice (n = 1) binomial tree.

1. Price a European put for the stock with the following parameters:
   1. Volatility = 0.15
   2. The current stock price is $23
   3. The strike price is $25
   4. The time to expiry is 3 months
   5. The annual risk-free rate is 0.14%
   6. There will not be a dividend

If you use a spreadsheet, upload the excel file with formulas.