You are attempting to value a put option with an exercise price of $102 and one year to expiration. The underlying stock pays no dividends, its current price is $102, and you believe it has a 50% chance of increasing to $116 and a 50% chance of decreasing to $88. The risk-free rate of interest is 12%. Calculate the call option's value using the two-state price model. (Round answer to 2 decimal places)