The current price of Estelle Corporation stock is $ 27.00In each of the next two years, this stock price will either go up by 18 %or go down by 18 % The stock pays no dividends. The one-year risk-free interest rate is 7.5 % 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.

The price of the one-year put option is