Suppose the price of a stock today is 100. ATM call and put options are traded on this stock. The options mature in 24 months. Both European and American options are traded. The annualized variance of the rate of return on the stock is 9%. The discount risk-free rate is 8% per annum. Use the binomial option pricing approach with a time step of 8 months to price European and American call and put options on the stock.