Suppose that a stock is currently trading at $50 and does not pay any dividend and that the current 1-year risk-free rate is 3% (annualized). Further suppose that the standard deviation of the returns of the stock are 20% (annualized).

Using a one-step Binomial Tree, what is the value of a European put option with a strike price of $52 that is expiring in 1-year. For simplicity assume the stock could go up by 25% or down by 20% per year.