You are using a two$-$step binomial tree to estimate the price of a put option on MCD$.$ The strike price of the put option is $$45.$ The price of MCD today is $$45.$ The risk$-$free rate is $5\%.$ What is the price of the put? Round your solution to the nearest two decimals if needed $($i$.$e$.2\mathrm{.}312).$ Please do not type the $ symbol.

THIS PUT IS AMERICAN. KEEP IN MIND YOU CAN EXERCISE THE OPTION BEFORE EXPIRATION$***$

$u=1\mathrm{.}1$

$d=0\mathrm{.}7$