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B. You are using a two-step binomial tree to estimate the price of a put option on MCD. The strike price of the put option

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B. You are using a two-step binomial tree to estimate the price of a put option on MCD. The strike price of the put option is $23. The price of MCD today is $35. The risk-free rate is 5%. What is the price of the put? Round your solution to the nearest three decimals if needed (i.e. 2.312). Please do not type the $ symbol. u-2 d -0.52

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