The current price of a non-dividend-paying stock is $59.62 and you expect the stock price to either go up by a factor of 1.243 or down by a factor of 0.851 each period for 2 periods over the next 0.8 years. Each period is 0.4 years long.

A European put option on the stock expires in 0.8 years. Its strike price is $60. The risk-free rate is 7% (annual, continuously compounded).

What is the option payoff in 0.8 years if the stock price has gone down twice in a row?