Herbert Corporation is a non-dividend-paying stock that is currently priced at $82. An analyst has determined that the annual standard deviation of returns on Herbert stock is 31% and that the annual risk-free interest rate on a continuously compounded basis is 3.5%. At the first down-movement node, what is the value of an 18-month American put option on Herbert stock with a strike price of $96 using a two-step binomial model? In other words, the stock price has decreased from $82 at time 0 to a lower price at nine-month time point, what is the value of the American put option at this point in time? Do not round intermediate calculations.

	A.	$33.3
	B.	$35.1
	C.	$30.8
	D.	$29.4