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23. Consider a two-period binomial model with the associated risk-neutral probability of an upward movement p (ert/2 - d)/(u - d). Show by direct computation
23. Consider a two-period binomial model with the associated risk-neutral probability of an upward movement p (ert/2 - d)/(u - d). Show by direct computation that E [e-rt S(2)] = S(0) for the stock price S(0) at time 0 and the stock price S(2) after two periods
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