You use the following information to construct a binomial forward tree for modeling the price movements of a stock:

(i) The length of each period is 6 months.

(ii) The current stock price is 100.

(iii) The stock pays dividends continuously at a rate proportional to its price. The dividend yield is 3%.

(iv) The stock’s volatility is 30%.

(v) The continuously compounded expected rate of return on the stock is 10%.

(vi) The continuously compounded risk-free interest rate is 8%.

Calculate the continuously compounded expected rate of return on a 1-year European standard lookback put option over the entire 1-year period.