Which of the various statements regarding binomial interest rate trees is correct?

Statement 1 The only requirements needed to create a binomial interest rate tree are current benchmark interest rates and a assumption about interest rate volatility. Statement 2 Potential interest rate volatility in a binomial interest rate tree can be estimated using historical interest rate volatility or observed market prices from interest rate derivatives. Statement 3 A bond value derived from a binomial interest rate tree with a relatively high volatility assumption will be different from the value calculated by discounting the bond's cash flows using current spot rates