Nova$$s share price is $$100.$ In $3$ months, it can either increase to $$110$ or fall to $$95.$

If it increases, over the following $3$ months, it can either increase again to $$120$ or

fall to $$100.$ If it falls, it can either increase to $$100$ or decrease to $$90.$ Assuming

that the risk$-$free rate is $4\%$ per quarter, what is the price of a $6-$month put option on

Nova with an exercise price of $$95?$ Explain.