A Turkish firm has to pay 100000 Euros in 5 month for bought raw materials. For that it has to convert some Turkish Lira to Euros. In order to hedge the risk related to the adverse evolution of the currency exchange, the firm would like to buy a 9.10 -strike American option. The spot currency exchange is 9.10 TL per euros. The domestic and foreign risk-free CCIR are 13% and 1.25%, respectively. The volatility of the Euros /TL currency exchange is 30%.

Determine the premium of this option by using 2 period binomial method. (Write your answer in a paper, take a picture, copy/paste it in world document and load to the system).