Mаth Questiоn 8: A Eurоpeаn put оption on а nondividend-paying stock has a strike price $88 andexpires in seven months. The annual continuously compounded risk-free rate is 8%. The current price of the stock is $130. The price volatility is 30%. Use a 7-period forward binomial tree to determine the price of the put.Enter your answer in cents (NOT dollars) rounded to two decimal places.