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Find the value of an American put option using the binomial option pricing model. The parameters are S =62, X= 70, r = 0.08, u

Find the value of an American put option using the binomial option pricing model. The parameters are S =62, X= 70, r = 0.08, u = 1.10, and d = 0.95. There are no dividends. Use n = 2 periods.

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