At Bank XYZ, a risk manager is evaluating the sale of a 6-month American-style put option on stock ABC, which does not pay dividends. The stock is currently trading at USD 50, and the option has a strike price of USD 52. To determine the no-arbitrage price of the option, the manager applies a two-step binomial tree model. In each step, the stock price may either rise or fall by 20%. The manager estimates an 80% probability of an upward movement and a 20% probability of a downward move in each period. The annual continuously compounded risk-free rate is 12%.

Determine which of the following prices is closest to the no-arbitrage price of the option: