For the tree in Fig. 4b, Section 2.2, find the probability that the price increased on the first day given that it did not exceed 14 on the second day.

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10 2/3 1/3 14 FIGURE 4. 8 2/5 3/5 4/5 1/5 (b) 15 Probability=(2/3)(2/5)=4/15 11 Probability=(2/3)(3/5)-6/15 10 Probability=(1/3)(4/5)=4/15 5 Probability=(1/3)(1/5)=1/15