The risk-fee rate is 5% per period and a (non-income paying) security has a current price of 300. In one period the price will either rise to 360 or fall to 240. A one-period European put option exists with a strike price of 325. Which of the numbers below is its no-arbitrage price closest to?

Select one:

a. 30

b. 10

c. 40

d. 20