Consider a 9-month dollar-denominated American put option on British pounds. You are given that: 1- The current exchange rate is 1.23US dollars per pound. 2- The strike price of the put is 1.36US dollars per pound. 3- The volatility of the exchange rate is =0.25. 4- The US dollar continuously compounded risk-free interest rate is 7%. 5- The British pound continuously compounded risk-free interest rate is 8%. a) Using a 25-period binomial model, calculate the price of the put. [50] SP: Without the Excel sheet, no marks will be awarded for this question. Consider a 9-month dollar-denominated American put option on British pounds. You are given that: 1- The current exchange rate is 1.23US dollars per pound. 2- The strike price of the put is 1.36US dollars per pound. 3- The volatility of the exchange rate is =0.25. 4- The US dollar continuously compounded risk-free interest rate is 7%. 5- The British pound continuously compounded risk-free interest rate is 8%. a) Using a 25-period binomial model, calculate the price of the put. [50] SP: Without the Excel sheet, no marks will be awarded for this