The current price of Estelle Corporation stock is $27.00. In each of the next two years, this stock price will either go up by 23% or go down by 23%. The stock pays no dividends. The one-year risk-free interest rate is 8.3% 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 $27.00.