A stock is currently priced at $100. In any given 3-month period, stock price will either go up by 13.31% or down by 11.75%. The riskless rate of interest is 5% per annum continuously compounded. A put option is written on this stock with a $110 strike price and 9 months to expiry. a) Assume the put option is European-style. Calculate the current value of the put option. Use whatever method you like (replication, delta hedging, risk neutral, path probability), but it will be quickest to focus on the expiry-date distribution of stock price and path probabilities. Hint: before you start doing calculations, have a careful think about how many steps will be in this Binomial tree. b) Now assume this is an American-style put option. Calculate the current value of the put option