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The current price of Estelle Corporation stock is $29.00. In each of the next two years, this stock price will either go up by 21%

The current price of Estelle Corporation stock is $29.00. In each of the next two years, this stock price will either go up by 21% or go down by 21%. The stock pays no dividends. The one-year risk-free interest rate is 6.5% 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 $29.00

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