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please explain as much as possible. no excel. You want to buy an American Put on Apple (AAPL) with a strike price of $280. Apple

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please explain as much as possible. no excel.

You want to buy an American Put on Apple (AAPL) with a strike price of $280. Apple is currently trading for S28212, hasa u of 1.14, and a d of 0.88. The risk free rate is 1% per period. Use a two period binomial model. What is the most you should pay for that put

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