(Two-period model, put) A stock is currently selling for $60. A put option has maturity of 2 years, and during this time the annual stock price is expected to increase by 30% or to decrease by –10%. The riskless interest annual rate is 6%. The put option with an exercise price of $70 is currently selling for

$9. Is the option more likely an American or a European put option? Use the binomial option pricing model to determine.