The price of a European call option today with maturity 12 months and strike price of $100 in the future is $11.5. The price of the stock is $93.5. What is the price of an European put option with maturity 12 months and strike price of $100? The risk -free rate for 12 months is 3.2%.

Round the answer to two decimals.

Note: An European option can only be exercised on maturity date, unlike an American option that can be exercised earlier.