Explanation:

• Option A (Incorrect): The payoff for a put option after an upward price movement is calculated as $\text{Max}(0, X - S_u)$, where $X$ is the exercise price and $S_u$ is the price after the up move. Here, $S_u = €26 \times 1.10 = €28.60$. Thus, the payoff is $\text{Max}(0, €22 - €28.60) = €0$, which is lower than the payoff for Option B.

• Option B (Correct): The payoff for a put option after a downward price movement is $\text{Max}(0, X - S_d)$, where $S_d = €26 \times 0.75 = €19.50$. The payoff is $\text{Max}(0, €22 - €19.50) = €2.50$, which is the highest among the given options.

• Option C (Incorrect): The payoff for a call option after a downward price movement is $\text{Max}(0, S_d - X)$. Here, $S_d = €19.50$, so the payoff is $\text{Max}(0, €19.50 - €22) = €0$, which is also lower than Option B.

This question tests the understanding of payoff calculations in a one-period binomial model for derivatives.