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= 2 mo r = 10% Cod = 448 4. Consider an American put option on a non-dividend-paying stock where the stock price is $40,

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= 2 mo r = 10% Cod = 448 4. Consider an American put option on a non-dividend-paying stock where the stock price is $40, the strike price is $45, the risk-free rate is 8%, the volatility (STDEV) is 40%, and the time to maturity is 6 months. Using a two-step binomial tree, find the put price. (20 pts)

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