Calculate the price of a put option on a non-dividend paying stock using a three-time-step binomial tree model. We know that the current stock price is $50, the strike price is $52, the volatility of the stock is 20%, and the option will expire in 12 months. The annual effective risk- free rate is 5%, continuous compounding. How much does this put option worth today if it is American? What should be the price of the European call option on the same stock with the same expiration date and the same strike price, according to the Put-Call Parity? (15 points) Calculate the price of a put option on a non-dividend paying stock using a three-time-step binomial tree model. We know that the current stock price is $50, the strike price is $52, the volatility of the stock is 20%, and the option will expire in 12 months. The annual effective risk- free rate is 5%, continuous compounding. How much does this put option worth today if it is American? What should be the price of the European call option on the same stock with the same expiration date and the same strike price, according to the Put-Call Parity? (15 points)