Shares of Opto-Binocular Company stock currently trade at $66. The annual standard deviation of the underlying stock returns is 20% per year, and the risk-free interest rate is 9%. annual rate, compounded quarterly. The stock will pay no dividends or undertake any other capital distributions. Consider a put option on a share of Opto-Binocular with an exercise price of $64. This option can only be exercised at expiration, in 90 days. Use the binomial option pricing model with 2 sub-periods to value this option.