3. (16 marks] Consider a recombining three-period binomial model, N = 3, T = 3 months, h = 1 month, So = K = $100. There is only one dividend payment at time t = 2h with payment $10. For simplicity, take r = 0,4 = 1.25, and d=0.80. First, construct the asset price binomial tree, and then calculate the European put option values at each node on the tree using the recursive formula. 3. (16 marks] Consider a recombining three-period binomial model, N = 3, T = 3 months, h = 1 month, So = K = $100. There is only one dividend payment at time t = 2h with payment $10. For simplicity, take r = 0,4 = 1.25, and d=0.80. First, construct the asset price binomial tree, and then calculate the European put option values at each node on the tree using the recursive formula