You will estimate the value of a European put option using a Binomial tree. The following are the key inputs:

current share price (S0) is $32
the put option has a strike price of $30
the riskfree rate of interest is 6% per annum
the option has 12 months to expiry
the volatility (sigma) of the underlying stock is 50% per annum.
 

Using a 8-step Binomial tree, what is the Binomial approximation of the put option value?