[Binomial Option Pricing] The spot price of SPY is currently $100 (i.e. S0 = $100). The volatility of SPY is 30% (i.e. = 0.30). We are interested in valuing SPY option at the end of 1 year (i.e. t or T = 1). The risk-free rate with continuous compounding is 4% per annum (i.e. r = 0.04).