Consider the Exxon stock, which can go up or down 20% per year and has an initial value of $82. The current annual risk free rate is 5%, compounded annually. You are offered a 5-year European "hybrid" option with strike price $80. This option can be declared, after exactly 3 years, by the purchaser, to be either a call or a put. Find the value of this "hybrid" option. Use binomial trees with annual periods to solve this value.