The possible movement in share price over the next 12 months is depicted in the 4-step Binomial tree shown below. Key details are: - the proportional up and down movements on each branch of the tree are u=1.2337 and d=0.8106 respectively - the riskfree interest rate is 5% pa continuously compounded Let ST denote the share value one year from now (far right side of the Binomial tree). A strange derivative security is based on this share. It has a payoff =sqrt(ST). That is, if you buy this derivative today, one year from now you receive a payoff equal to the square root of whatever the share price is. Required: Using the 4-step Binomial tree, calculate the fair value of this derivative today. Give your answer to at least 2 decimal places