8. For a 1-year European put option on a stock modeled with a binomial tree: (i) The tree has 1 period. (ii) The tree is constructed based on forward prices. (iii) The stock price is 41.

   (iv) The strike price is 41. (v) The continuously compounded risk-free rate is 4.5%. (vi) The stock pays continuous dividends at the rate of 3%. (vii) = 0.2 Determine the option premium.