A stock currently selling for \($50\) has an annual returns variance equal to 0.36. The riskless return rate equals 0.08 per year. Under the binomial framework, what would be the value of nine-month (0.75 year) European calls and European puts with striking prices equal to \($80\) if the number of tree steps (n) were.

a. two?
b. three?
c. eight?