1. Consider the sample space 2 = {1, 2,3} and the probability measure P giving each point weight 1/3. On this probability space consider the finite model with T = 1, Sf = S? =1, Si = 2, and Si=1, sy(2)=2, S{(3)=3. (a) This market is viable, so there is at least one EMM. Find all possible EMMs. (b) Compute V,(X) and V_(X) for the contingent claim X given by X(1)=1, X(2)=3, X(3)=9. (c) Find a trading strategy = (1, t) such that Vi() > X and Vo() = Vi(X). (d) Consider the contingent claim Y given by YQ)=1, Y(2)=3, Y(3)=5. Without actually finding a hedging strategy, show that Y can be replicated. [Hint: Use Corollary 3.5.2 on page 49 of the text.]