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

A financial institution offers a derivative security called PutSQ with a payoff equal to max (580 - [S5], 0) at maturity, where St is the stock price at maturity in 1 year and [S]2 is its square. Assume that the current stock price is $20 and that no dividend will be paid. The stock volatility is 30% and the risk-free interest rate is 2.40%. Use a 4-step binomial tree to compute the price of this derivative assuming it is American-style, i.e. it can be exercised at any time during its life. Show all details and explain clearly_your steps. (6 marks) A financial institution offers a derivative security called PutSQ with a payoff equal to max (580 - [S5], 0) at maturity, where St is the stock price at maturity in 1 year and [S]2 is its square. Assume that the current stock price is $20 and that no dividend will be paid. The stock volatility is 30% and the risk-free interest rate is 2.40%. Use a 4-step binomial tree to compute the price of this derivative assuming it is American-style, i.e. it can be exercised at any time during its life. Show all details and explain clearly_your steps. (6 marks)