Consider a one-year 45-strike European put option on a stock S. You are given:

(i) The current stock price, S(0), is 50.00.

(ii) The only dividend is 5.00 to be paid in nine months.

(iii) Var[ln F^P_t,1(S)] = 0.01 × t, 0 ≤ t ≤ 1.

(iv) The continuously compounded risk-free interest rate is 12%.

Under the Black-Scholes framework, calculate the price of 100 units of the put option.

(A) 1.87

(B) 18.39

(C) 18.69

(D) 19.41

(E) 23.76