Consider a three-year American put option on Venus Corp shares. The current Venus Corp stock price is $1,000.00 and each year there is a 70% probability that the stock price will increase by 20% and a 30% probability that the stock price will decrease by 20%. The option has a strike price of $950.00 and the underlying of each option is one Venus Corp share. The risk-free rate is 10% per annum and the stock is not expected to pay any dividends over the life of the option. Use a three-period binomial model to calculate the current value of the put option