The current price of a non-dividend paying stock is $30. Use a two-step tree to value an American put option on the stock with a strike price of $32 that expires in 3 months. Each step is 1.5 months, the risk free rate is 8% per annum with continuous compounding. What is the option price when u = 1.1 and d = 0.9? Assume that the option is written on 100 shares of stock.