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9. Consider the American put option of Example 2.2.3, but now suppose that interest rates are such that a $1 cash bond at time it

9. Consider the American put option of Example 2.2.3, but now suppose that interest rates are such that a $1 cash bond at time it is worth $1.1 at time (i +1)t. Find the value of the put. At what time will it be exercised?

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