An 18-month American Put option on a stock has a strike price of $46 dollars. The current stock price is $44 dollars, the risk-free rate of interest is 8% per annum, continuously compounded, and the stock's volatility is 1.08 per annum. Use a five-step binomial model to calculate the current fair put option price. *Interest rates are expressed as annualized rates for the term specified. Answer the following:

Node Numbering is as shown:

55

44

33 54

22 43

11 32 53

00 21 42

10 31 52

20 41

30 51

40

50

1. Upward move of stock price, u.

2. Downward move of stock price, d.

3. Risk-neutral probability weight, p.

4. Stock price at nodes (00, 10, 11, 20, 21, and 22)

5. Stock price at nodes (30, 31, 32, 33, 40, 41, 42, 43, and 44)

6.Stock price at nodes (50, 51, 52, 53, 54, and 55)

7. Put option price at nodes (00, 10, 11, 20, 21, and 22)

8. Put option price at nodes ( 30, 31, 32, and 33)

9. Put option price at nodes (40, 41, 42, 43 and 44)

10. Put option price at nodes (50, 51, 52, 53, 54 and 55)