A 8 months straddle on a non-dividend paying stock with a strike price of $24 is modelled with a two-step binomial tree. The stock price is currently $32. In one period, the stock price can go up with rate of 1.5 and can go down with rate of 0.5. You are also given continuously compounded interest rate 3%. a. Calculate the risk-neutral probability of stock price going up in one period.(Please round your answer to 2 nd decimal place) b. Compute the price of the straddle