The current price of Natasha Corporation stock is $6.06. In each of the next two years, this stock price can either go up by $2.50 or go down by $2.00. The stock pays no dividends. The one-year risk-free interest rate is 4.6% and will remain constant. Using the Binomial Model, calculate the price of a two-year put option on Natasha stock with a strike price of $7.00.

The price of the two-year put is $ _____ (Round to the nearest cent)