Question 1 (10 Points) A gold futures price is currently $70 per ounce of gold, its volatility is 20% continuously compounded annually, and the risk-free interest rate is 6% annual. Using two-period binomial model, calculate the following: a) What is the value of a 6-month European put option on the gold futures with a strike price of $65? b) What is the value of a 6-month American put option on the gold futures with a strike price of $65? c) What is your replicating portfolio today for a 6-month European put and American Put option with a strike price of $65