A trader is using the Black-Scholes-Merton (BSM) model to estimate the price of a European put option on the shares of company ARA, which pays a continuous annual dividend of 2%. The relevant details for the calculation are as follows:

• The current stock price of ARA is SGD 82.
• The option's strike price is SGD 85.
• The option has an expiration period of 6 months.
• The risk-free interest rate, compounded continuously, is 2.5% per annum.
• The value of N(-d1) is 0.5205.
• The value of N(-d2) is 0.6040.

Based on the given information, what is the BSM model's calculated price for the put option on ARA's stock?