4. a) The current price of KD Industries stock is $20. In the next year the stock price will either go up by 20% or go down by 20%. KD pays no dividends. The one year risk-free rate is 5% and will remain constant. Using the binomial pricing model, calculate the price of a one-year call option on KD stock with a strike price of $20. b) Using the binomial pricing model, calculate price of a one-year put option on KD stock with a strike price of $20. c) Construct a binomial tree detailing the option information and payoffs for a call option with a $20 strike price that expires in one year.

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