Value a European put option on a non-dividend-paying stock using the binomia wee merhou in coming tenessed agnesenspectedo ad each leg is for a three-month period (i.e., one quarter). The current stock price is $60. The option has a strike price of $50 and 15 months until expiration. The monthly standard deviation of stock returns is 16% and the annually compounded risk-free rate is 3.75%