Suppose a nondividend paying stock is priced today at (you pick a price between 30.00 and 50.00 like $32.47) and its standard deviation of returns is 20%. A call option on the stock trades on the CBOE with a X=38 and one year maturity. Assume r-3%. Use a one-step binomial to compute the value of the call as of today. Compute u, d, h, and the probability of the stock going up as done in the video to chapter 4. Compute the payoffs at maturity. Show all work for credit. In particular, make sure I can follow whether the payoffs etc. you are showing me are up or down payoffs. Do not use option pricing software as it will be considered cheating and it won't help you with the details of the intermediate steps the question is looking for. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)