Jotaro wants to buy a European call on the price of oras, which are needed to run his business. He wants the call to have strike price 12 platinums, however the only such call options available come with the additional condition that the strike price will permanently increase to the current stock price minus 8 platinums if the stock price reaches a new high that is above 20 platinums (so if the stock price reaches a new high of 24, then the strike price increases to 16 until the stock reaches an even higher price). Work out the full value tree for this option in the three-period binomial model, given that model parameters So,r, u, d, p, and q have the values given below. Give your numerical responses as reduced fractions; decimal approximations will receive no credit. 1 1 So = 16 platinums, r = = Nico P = = Jotaro wants to buy a European call on the price of oras, which are needed to run his business. He wants the call to have strike price 12 platinums, however the only such call options available come with the additional condition that the strike price will permanently increase to the current stock price minus 8 platinums if the stock price reaches a new high that is above 20 platinums (so if the stock price reaches a new high of 24, then the strike price increases to 16 until the stock reaches an even higher price). Work out the full value tree for this option in the three-period binomial model, given that model parameters So,r, u, d, p, and q have the values given below. Give your numerical responses as reduced fractions; decimal approximations will receive no credit. 1 1 So = 16 platinums, r = = Nico P = =