The current price of a non-dividend paying stock is $50. Use a three-step Binomial tree to value a European cash-or-nothing option on the stock that expires in 9 months and will then pay out $100 if the stock price in 9 months is less than $35. Each step in the model is 3 months, the risk free rate is 20% per annum with continuous compounding. What is the option price when u = 1.2 and d = 1/u?