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Consider a binomial world, in which current stock price of 100 can either go up 10 percent or down by 10 percent. The risk-free rate

Consider a binomial world, in which current stock price of 100 can either go up 10 percent or down by 10 percent. The risk-free rate is 4 percent. Assume a two-period world. What is the theoretical value of the American put with an exercise price of 105?

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