With an American put option on a futures contract expiring in one year:

• The futures contract is a 1-year contract on a stock index.

• The stock index has a continuously compounded dividend yield of 0.07.

• The continuously compounded risk-free interest rate is 0.05.

• The 1-year prepaid forward price of the stock index is 65.

• The option is modeled using a 2-period binomial tree based on forward prices.

• The volatility of the futures contract is 0.3.

• The strike price is 65.

  What is the price of the put option.