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A stock is currently priced at $54.00. Every 8 months the price will go up by 19% or down by 16%. The risk free rate

A stock is currently priced at $54.00. Every 8 months the price will go up by 19% or down by 16%. The risk free rate is 4.7% per annum with continuous compounding. Using the binomial tree model, compute the price of a European put option with strike $61.89 expiring in 32 months.

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