Calculate the price of a 3-month European put option on a non-dividend- paying share with a strike price of $25. The current share price is $26 and the volatility is 20% p.a. The risk-free interest rate is 8% p.a. Use a three-step binomial option pricing model. Recalculate the option price if in addition a dividend of 5% is paid after two months. Compare the two results.