A European put option on a stock expires in one year. It is modelled using a 2-period binomial tree. You are given: The time t-price of the stock is S(t), S(0) = 100, The stock pays no dividend, The strike price of the put option is 150, The continuously compounded risk-free rate is 2%, The options payoff is greater than 0 at all terminal nodes of the tree. Determine the price of the option based on the binomial tree. We were told - you can do it with a very long algebra manipulation to get a notational form in which variables have values then you can plug in and calculated a numerical result for the question.