Consider pricing European options on a stock with an initial price of $172 and a strike price of $172. The options mature in 11 months, and the risk-free rate of interest is 3.50% per annum. The volatility is =0.61. If a 40 period binomial tree is to be used, then the risk-neutral probability of an up move, q, in the stock price using the Cox-Ross-Rubinstien (CRR) solution is: 0.92778 0.48127 0.00481 1.03412