Exercise 2. A stock price is currently $50. Over each of the next two 1-month periods it is expected to go up by 10% or down by 8%. The risk-free interest is 6% per annum with continuous compounding. Calculate the value of a 2-month European put option with a strike price of $51. Use no-arbitrage arguments, i.e. construct riskless portfolios at appropriate nodes. Note that you need to find the value of A at all nodes prior to maturity