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The current price of a non - dividend paying stock is $ 3 8 . 5 2 . Use a two - step tree to

The current price of a non-dividend paying stock is $38.52. Use a two-step tree to value a European call option on the stock with a strike price $32.3that expires in 12 months. The risk free rate is 9.9%per annum, and the volatility is 28.1%.What is the option price?

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