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%. What is the risk-neutral probability of an up movement (P) using a two-step binomial model to value an 18-month option? Do not round intermediate calculations.

	A.	0.56
	B.	0.52
	C.	0.48
	D.	0.44