Describe in detail how to apply Importance Sampling to the pricing of a deep out-of-the money European put option with Monte Carlo simulation assuming the stock price follows geometric Brownian motion. Transform the drift of the stock price so that under the alternative probability measure the option is at-the-money forward i.e. SgeT = K where Sp is the initial stock price, (7] K is the strike price, T is time-to-maturity and , is the drift that solves this equation. Describe in detail how to apply Importance Sampling to the pricing of a deep out-of-the money European put option with Monte Carlo simulation assuming the stock price follows geometric Brownian motion. Transform the drift of the stock price so that under the alternative probability measure the option is at-the-money forward i.e. SgeT = K where Sp is the initial stock price, (7] K is the strike price, T is time-to-maturity and , is the drift that solves this equation