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The current price of a non-dividend paying share is 50. Use a two-step binomial tree to value a European call option on the share with

The current price of a non-dividend paying share is 50. Use a two-step binomial tree to value a European call option on the share with a strike price of 49 that expires in 12 months. Each time step is 6 months and in each time step, the share price either moves up by 20% or down by 20%. The risk free rate is 6% per annum.

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