Problem 3. Suppose now that you consider holding the stock from the previous problem for two years, and each year it either goes up by 30% or down by 20%. The company has already announced its dividend policy : it will pay a $15 dividend immediately before the stock price goes above $70 You hold a Bermudan call option with strike price K = $55, Which expires in two years' You can exercise your option today, in one year from now, or in two years. Should you exercise the option early? (Hint: There is no shortcut for this problem _ You have to do the work. Draw the stock payoff diagram7 and make sure you factor in the 315 dividend payment when the value of the stock is larger than $70.)