For a non-dividend paying stock in the Black-Scholes framework, you are given:

• The 1-year forward price of the stock is 58.

• The volatility of the stock is 0.3.

• A European put option on the stock expiring in one year has strike price 60.

• The premium for the put option is paid at the end of the year.

• The continuously compounded risk-free interest rate is 0.08. Determine the price of the put option.