1. Consider one-period trinomial model with So = 50, the European put option with the strike K = 52 and T = 1 year. Let us assume that real-world probabilities of the stock price to be 45, 50 and 55 are all equal 1/3. The interest rate is zero. (a) Explain why this market is incomplete. (b) Identify the set of risk-neutral measures. (c) Provide the interval of no-arbitrage prices of the option. 1. Consider one-period trinomial model with So = 50, the European put option with the strike K = 52 and T = 1 year. Let us assume that real-world probabilities of the stock price to be 45, 50 and 55 are all equal 1/3. The interest rate is zero. (a) Explain why this market is incomplete. (b) Identify the set of risk-neutral measures. (c) Provide the interval of no-arbitrage prices of the option