The procedure to be followed for pricing a European put option is the same except that in Step 2 the payoffs calculated in column B will be CT =Max(K- ST,0).
For a put option with a strike and initial price of underlying of 45 the following would be the output for n=2. All other parameters are the same as for the call.
Figure 85: Spreadsheet for European put option example
The price of the put option is 0.592.