You are attempting to value a put option with an exercise price of $109 and one year to expiration. The underlying stock pays no dividends, its current price is $109, and you believe it has a 50% chance of increasing to $131 and a 50% chance of decreasing to $87. The risk-free rate of interest is 8%. Calculate the value of a put option with exercise price $109. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Note* The answer is NOT 10.19 or 10.15