The current price of Estelle Corporation stock is $40. Its stock price will either go up by 25% or go down by 25% in one year. The stock pays no dividends. The one-year risk-free interest rate is 4%. Using the binomial model, calculate the price of a one-year put option on Estelle stock with a strike price of $40.

The price of a one-year put option on Estelle stock with a strike price of $40 is ........ $enter your response here.

(Round to the nearest cent.)