There is a 3-month European put option on a non-dividend-paying stock with a current price $50. The strike price is $48. The current interest rate is 5%, compounded continuously. Assume the stock price evolves according to a threeperiod binomial tree. In each period, the stock price at the end of period either goes up to 1.1 or goes down to 1/1.1 of the price at the beginning of the period. (a) Find the option price. (b) Suppose you write one share of this put option. Find the hedging strategy if the stock price goes up in the first period, goes down in the second period, and goes down in the third period