In April 2018, let's consider a 1-year put option on IBM stock with an exercise price of $600. The risk-free interest rate was 2% a year. Suppose we are going to use the 2 -step binomial method to value this put option, with each step covering 6 months. We assume for each step, stock price will either increase by 20%, or decrease by 20%. Suppose the stock price of IBM stock in April 2018 was $600. What should be the value of this put option based on the two-step binomial method? In April 2018, let's consider a 1-year put option on IBM stock with an exercise price of $600. The risk-free interest rate was 2% a year. Suppose we are going to use the 2 -step binomial method to value this put option, with each step covering 6 months. We assume for each step, stock price will either increase by 20%, or decrease by 20%. Suppose the stock price of IBM stock in April 2018 was $600. What should be the value of this put option based on the two-step binomial method