What is the value of a put option that has a strike price of 96.25? The option matures in a year. Use the binomial option pricing model to find its price. The current one year interest rate is 5% and the 2 year spot rate is 5.3%. Use this information to get the forward rate for next year. Once you have that add 50bp to get the high rate on the tree and subtract 50 bp to get the low rate. Use continuous time discounting to get present values. Report your answer in dollars rounded to the nearest penny. For example, if your answer is five dollars and two cents, then enter 5.02 without a dollar sign or any words).