You are to price a 2-year 80-strike American put option on a futures contract using a binomial tree. You are given the following information: i) The length of each time step is 1 year. ii) The volatility of the futures price is 25%. iii) The initial futures price is 70. iv) The continuously compounded risk-free interest rate is 5%. Calculate the price of the put option. O A. Less than 12 O B. At least 12 but less than 14 O C. At least 14 but less than 16 O D. At least 16 but less than 18 O E. At least 18 You are to price a 2-year 80-strike American put option on a futures contract using a binomial tree. You are given the following information: i) The length of each time step is 1 year. ii) The volatility of the futures price is 25%. iii) The initial futures price is 70. iv) The continuously compounded risk-free interest rate is 5%. Calculate the price of the put option. O A. Less than 12 O B. At least 12 but less than 14 O C. At least 14 but less than 16 O D. At least 16 but less than 18 O E. At least 18