Consider the following binomial option pricing problem involving a put. This put has two periods to go before expiring. Its stock price is $100, and its exercise price is $110. The company expects to pay dividends after the first period. The dividend yield is 7%, the risk-free rate is 0.05%, the value of u is 1.15, and the value of the d is 90. Construct the 2-period binomial tree model and find the value of the European put premium