Binomial trees: Consider the multi-period binomial model with two periods: t {0, 1, 2} . Consider values u = 1.2 and d = 0.9. The periodic continuously compounded risk-free rate is r = 0.04, and the periodic continuously compounded dividend rate of the risky asset is = 0.02. Assume that the initial risky asset price is S₀ = 100 : a) What is the unique time-0 price of an at-the-money European call option which does not generate arbitrage opportunities? b) What is, for each respective tree node, the replicating portfolio composition for this call option?