The current price of Estelle Corporation stock is $ 24.00. In each of the next twoyears, this stock price will either go up by 20% or go down by 20%. The stock pays no dividends. Theone-year risk-free interest rate is 8.8 % and will remain constant. Using the BinomialModel, calculate the price of aone-year put option on Estelle stock with a strike price of $ 24.00.

The price of theone-year put option is $__________ . (Round to the nearestcent.)