The market index currently stands at 650 and has a volatility of 30 percent per annum. The risk- free rate of interest is 6 percent per annum and the index provides a divided yield of 3 percent per annum. Calculate the value of a three-month European put on that index with an exercise price of 650, using Mertons index option pricing formula. (Show your interim results, such as d₁, d₂, N(d₁) and N(d₂))