Consider a stock that pays no dividend Exercise 2.11 (Put-call parity). in an N-period binomial model. A European call has payoff C (Sy-Kit at time N. The price Cn of this call at carlier times is given by the risk-neutral pricing formula (2.4.11): n 0,1, N-n Consider also a put with payoff Pv earlier times is (K - Sw)+ at time N, whose price at