Consider a risky asset that is currently worth 300 and has an annual volatility of 31%. A one-year, one-step binomial tree of the asset's possible future values looks as such:

5 Amer Put B.jpg

Suppose that the risk-free rate of return is 10% (continuously compounded). What is the value of a one-year American put option with a strike price of 375?

Round your answer to the nearest cent. Your response must be within 0.10 of the correct answer to receive credit.