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Consider the N period Binomial model with N = 4, u = 2, d = 1/2, r = 1/4. Let o be the first time

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Consider the N period Binomial model with N = 4, u = 2, d = 1/2, r = 1/4. Let o be the first time two consecutive coins flip tails. A no-regrets option pays So-2 at time o, if o

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