You own a lot in Key West, Florida, that is currently unused. Similar lots have recently sold for $1,380,000 million. Over the past five years, the price of land in the area has increased 4 percent per year, with an annual standard deviation of 29 percent. You would like an option to sell the land in the next 12 months for $1,510,000. The risk-free rate of interest is 4 percent per year, compounded continuously. What is the price of the put option necessary to guarantee your sales price? Do not round intermediate values and enter your final answer rounded to the nearest cent.