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You are creating a 50-step binomial model to value an option with a maturity of one year. The current stock price is $70 and the

You are creating a 50-step binomial model to value an option with a maturity of one year. The current stock price is $70 and the volatility of the stock is 20%. What is the value in the lower-most node in the last step of the stock price tree?

A. $23.75

B. $24.75

C. $25.75

D. $26.75

E. $27.75

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