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Given a non-dividend paying stock has a current stock price of 40. An Asian geometric average strike put on the stock pays based on 3

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Given a non-dividend paying stock has a current stock price of 40. An Asian geometric average strike put on the stock pays based on 3 monthly stock prices and it is valued using a binomial tree with u= 1.08, d = 0.91. Given the annual risk-free interest rate is 4.4%, compounded continuously. Determine the price of this option. (8 marks)

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