The current price of a non$-$dividend$-$paying stock is $$78\mathrm{.}61$ and you expect the stock price to either go up by a factor of $1\mathrm{.}347$ or down by a factor of $0\mathrm{.}779$ each period for $2$ periods over the next $0\mathrm{.}6$ years. Each period is $0\mathrm{.}3$ years long.

A European put option on the stock expires in $0\mathrm{.}6$ years. Its strike price is $$79.$ The risk$-$free rate is $8\%($annual$,$ continuously compounded$).$