14. Consider the 2-step binomial tree from Problem 9 in Chapter 8. Compute the value of of the European put option at the initial node and each of the two intermediary nodes.

15. (Continued) Build a portfolio consisting of cash (borrowed from or deposited in a bank at the risk-free rate), a certain amount of stocks, and 1 put option so that its value at the initial node is zero and so that its value will be zero regardless of where the stock goes at the intermediate time step.

16. (Continued) Suppose the stock goes up at the intermediate time step. What should your new portfolio holdings (1 put, some cash, and some stock) be so that its value will still be zero and so that its value at the final time step is also guaranteed to be zero. This is an example of dynamic hedging.

Please solve 15 and 16 as soon as possible