Intro

The current price of a non$-$dividend$-$paying stock is $$32\mathrm{.}87$ and you expect the

stock price to either go up by a factor of $1\mathrm{.}564$ or down by a factor of $0\mathrm{.}639$ over

the next $0\mathrm{.}8$ years.

A European put option on the stock expires in $0\mathrm{.}8$ years. Its strike price is $$33.$

The risk$-$free rate is $5\%($annual$,$ continuously compounded$).$

Part $1$

What is the value of the option?