The one-period interest rate follows the following binomial tree. Each period is 0.5 year, assuming semi-annual compounding. The risk neutral probability for the rate to go up at any node is 0.75.

				r(2,3;uu) = 14%
		r(1,2;u) = 12%
r(0,1) = 10%				r(2,3;ud) = 10%
		r(1,2;d) = 8%
				r(2,3;dd) = 6%

Compute the risk-neutral probability from time 0 to time 1 implied from the callable and straight to verify that the HJM drift condition holds.