Consider the following binomial tree for a stock. What is a fair price for a European put option? Expiration 1 year Up step size, u = 1.2808 Down step size, d = 0.7808 Exercise Price = 50 Risk free = 5% c.c. per year 82.02 64.04 50.00 50.00 39.04 30.48 Node Time: 0.00 0.50 1.00 Consider the following binomial tree for a stock. What is a fair price for a European put option? Expiration 1 year Up step size, u = 1.2808 Down step size, d = 0.7808 Exercise Price = 50 Risk free = 5% c.c. per year 82.02 64.04 50.00 50.00 39.04 30.48 Node Time: 0.00 0.50 1.00