An equity options trader is using the Black-Scholes-Merton (BSM) model to price a European put option on the stock of company ARA. The stock pays a continuously compounded annual dividend yield of 2%. The trader gathers additional information shown below:

• Current price of stock ARA: SGD 82

• Strike price of the option: SGD 85

• Time to expiration of the option: 6 months

• Annual continuously compounded risk-free interest rate: 2.5%

• N(–d₁): 0.5205

• N(–d₂): 0.6040

What is the price of the put option on company ARA's stock according to the BSM model?