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The current price of non-dividend paying stock is $50. Use a two-step tree to value an American put option on the stock with a strike

The current price of non-dividend paying stock is $50. Use a two-step tree to value an American put option on the stock with a strike price of $52 that expires in 12 months. Each step is 6 months and the continuously compounded risk-free rate is 6% per annum. Calculate the American put option price. Assume that u=1.2 and d=0.8.

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