You are given the following information about a stock and a 1-year European put option on this stock: i) The stock is modeled with a 2-period binomial tree. ii) The tree is constructed based on forward prices. iii) The initial stock price is 50. iv) The strike price of the underlying option is 53. v) The stock pays dividends continuously at a rate proportional to its price. The dividend yield is 1%. vi) The volatility of the stock is 20%. vii) The continuously compounded risk-free rate is 3%. Calculate the put option premium