Given the calculated value of the Put option price, which is approximately $3.32, and the provided answer choices:

• $1.148$
• $2.361$
• $0.527$

None of these options match the calculated price directly.

Possible reasons for discrepancy:

1. Incorrect model assumptions: The CEV model might have been simplified or not fully applied in the context.
2. Typo or miscalculation: It's possible that there was a mistake in the provided parameters or model.

Given the context, I would recommend reviewing the question and options closely. If you are required to select an option, re-evaluating the model might be necessary. However, based on the calculated result and the model used, none of the given options correctly match the price of the Put option.

If you want to discuss further or try a different approach, let me know!