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Calculate the price of a 3-month American put option on a non-dividend-paying stock when the stock price is $50, the strike price is $50, the

Calculate the price of a 3-month American put option on a non-dividend-paying stock when the stock price is $50, the strike price is $50, the risk-free interest rate is 5% per annum, and the volatility is 25% per annum. Use a binomial tree with a time interval of 1 month.

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