Explain the relationship between the binomial probability, ????, and the actual probability, q, within a single-period binomial model. 1 Suppose you have the following parameters related to a single-period binomial model, S = 32, X = 30, r = 4.0% (annual, discrete compounding), ???? = 0.5 years, u = 1.25, and d = 0.75. Suppose the call price in the market is 5.39 and the put price is 2.80. Calculate the option prices based on the binomial model and explain how any arbitrage would be captured.