Can someone help me with this financial derivatives problem? I dont quite understand it. If someone could help me solve the whole question that would be amazing. Could I request that you display the steps and formulas used so I have comprehensive understanding of how its done. It will help my learning. Thank you

Oil Futures trade at $47. The risk-free interest rate is 4%. We consider a 6-month European strangle with strike prices of $45 and $50. We use a four-step binomial tree with u = 1.0745 and d = 0.9125. Assume all options are European-style. Show all details and explain clearly your steps. (a) Use the tree to value the strangle and compute its delta? (4 marks) (b) How big a jump in Oil futures (as a % of the futures price) would you need to break-even? (2 marks) () Explain briefly the advantages and disadvantages of a strangle compared to other similar strategies. (2 marks) Oil Futures trade at $47. The risk-free interest rate is 4%. We consider a 6-month European strangle with strike prices of $45 and $50. We use a four-step binomial tree with u = 1.0745 and d = 0.9125. Assume all options are European-style. Show all details and explain clearly your steps. (a) Use the tree to value the strangle and compute its delta? (4 marks) (b) How big a jump in Oil futures (as a % of the futures price) would you need to break-even? (2 marks) () Explain briefly the advantages and disadvantages of a strangle compared to other similar strategies. (2 marks)