Consider a stock currently priced at $$60.$ Assume that in each

period of one month, the stock could either appreciate or

depreciate by $10\%.$ The risk$-$free rate is $2\%$ per period.

What would be the value of a $3-$month $60$ European call if a

dividend of $$1$ would be paid and the ex$-$dividend date is at

the end of the second period? Justify your answer.