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23. In a one-period binomial model, assume that the current stock price is $100, and that it will rise by 10% or fall by 15%

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23. In a one-period binomial model, assume that the current stock price is $100, and that it will rise by 10% or fall by 15% after one month. If the risk-free rate is 0.1668% per month in simple terms, what is the price of a 98-strike one-month put option? (Use the replicating portfolio approach)

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