A bond is said to have an early redemption feature if the investor is allowed to sell the bond back to the issuer prior to maturity. Consider a 3-year 5% coupon bond that pays coupons annually. Assume the bond has an early redemption feature that allows the holder to sell the bond back to the issuer at the start of each year at par. Find the value of this bond. Assume the current 1-year spot rate is 5%, and assume that next year, the 1-year rate will either rise or fall by 1% with equal probability. Assume rates will evolve in this manner indefinitely.