The current price of a non-dividend paying stock is $50. Over each of the next two 3- month periods, the stock price is expected to either move up by 10% or move down by 10%. The risk-free rate is 12% per annum with continuous compounding. Using a two-step binomial model, what is the value of a 6-month European put option on the stock with a strike price of $52? (Note: The risk-neutral probability of an up movement is 0.652.) $2.38 $2.04 $2.90 $1.77