You use the following information to construct a binomial forward tree for modeling the price movements of a stock:

(i) The length of each period is 6 months.

(ii) The current stock price is 100.

(iii) The stock’s volatility is 30%.

(iv) The stock pays dividends continuously at a rate proportional to its price. The dividend yield is 2%.

(v) The continuously compounded risk-free interest rate is 10%.

Calculate the price of:

(a) A 1-year arithmetic average strike Asian European put option on the stock 

(b) A 1-year geometric average strike Asian European put option on the stock 

For both options, the stock price averages are computed by averaging the 6-month and 1-year stock prices.