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Determine price of a 3-year European put option with a $35 strike price. The annual discount rate is 4% annually compounded, the current price of

Determine price of a 3-year European put option with a $35 strike price. The annual discount rate is 4% annually compounded, the current price of the stock underlying the put option is $32, and the stock has an estimated up/down price change of 9% per year. Must use the 3 step binomial model.

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