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The stock price is currently $80. Over each of the next two six-month periods (one jump each 6-month) it is expected to go up by

The stock price is currently $80. Over each of the next two six-month periods (one jump each 6-month) it is expected to go up by 8% or down by 4%. The risk-free interest rate is 5% per annum with continuous compounding. What is the value (premium at time 0) of a six-month European PUT option with a strike price of $81?

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