Current share price is $30. The volatility of this stock is 0.80 per annum. A call option written on this stock has 16 months before expiry and a strike price of $28. The riskless rate of interest is 4% per annum continuously compounded.

We want to value a derivative based on this stock.

If we use a 4-step Binomial tree to model share-price movements over the next 16 months, the risk-neutral probability p* of an up movement in share price on any given branch is_______?

If we use a 8-step Binomial tree to model share-price movements over the next 16 months, the risk-neutral probability p* of an up movement in share price on any given branch is ________ ?

Enter your answer to 4 decimal places.

if your answer is 12.34%, enter 0.1234