9.32 7.01 5.43 7.76 3.45 5.74 4.45 6.21 4.7 5.03 a) Use the adjacent tree to price a 4-year multi-step up callable bond. The bond pays a coupon of 4.5% for Year 1, 5.5% for Year 2 and 6.5% for Year 3. The bond is callable at $99 from Year 1 onwards. b) What is the value of the option