***This is from Investment and Financial Mathematics (IFM) course for Actuaries. Please give handwritten solution with all steps shown. I will give "thumbs-up" for clear and correct solution. Thanks in advance!***

Question 4 (10 marks] Future prices of a stock are modelled by a 3-period binomial tree, each period being three months. You are given the following information: (i) The tree is constructed based on forward prices. (ii) The stock price is 1.43. (iii) The continuously compounded risk free rate is 0.08. (iv) The stock pays continuous dividends at a rate of 0.09. (v) a=0.3. An American put option on the stock expiring in nine months has strike price 1.56. Calculate the price of the put option. Question 4 (10 marks] Future prices of a stock are modelled by a 3-period binomial tree, each period being three months. You are given the following information: (i) The tree is constructed based on forward prices. (ii) The stock price is 1.43. (iii) The continuously compounded risk free rate is 0.08. (iv) The stock pays continuous dividends at a rate of 0.09. (v) a=0.3. An American put option on the stock expiring in nine months has strike price 1.56. Calculate the price of the put option