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8 4 points If the volatility of a stock is 25% per annum and a risk-free rate is 5% per annum, which of the following

8 4 points If the volatility of a stock is 25% per annum and a risk-free rate is 5% per annum, which of the following is closest to probability of a down movement for a three-step tree to value a three-month to expiration an option on a futures contract? 48.91% 48.20% 51.09% 51.8% 4

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