Suppose that a call option with a strike price of $48 expires in one year and has a current market price of $5.16. The market price of the underlying stock is $46.23, and the risk-free rate is 1%. Use put-call parity to calculate the price of a put option on the same underlying stock with a strike of $48 and an expiration of one year. The price of a put option on the same underlying stock with a strike of $48 and an expiration of one year is $(blank) (Round to the nearest cent)