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Shares in Circumbendibus Wheels trade at $25. The interest rate is 6% (with continuous compounding). Volatility is 12% per annum. An exotic derivative pays

Shares in Circumbendibus Wheels trade at $25. The interest rate is 6% (with continuous compounding). Volatility is 12% per annum. An exotic derivative pays off $1 (immediately) if the Circumbendibus Wheels stock price ever falls below $24 over the course of the next year. What is the derivative worth? Use a two step binomial tree to value this.

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