The current price of Estelle Corporation stock is $25.00. In each of the next two years, this stock price will other go up by 24% or go down by 24%. The stock pays no dividends. The one-year risk-free interest rate is 8.8% and will remain constant. Using the Binomial Model, calculate the price of a one-year put option on Estelle stock with a strike price of $25.00 The price of the one year put option is (Round to the nearest cent.)