A 4-step binomial tree is used to price options. On that tree, the value of the underlying asset can go down by 4.65% and time steps have 17 months. What is the value of the annualized volatility, assuming the standard Cox, Ross, and Rubinstein (1979) approach was used to calibrate this tree? Express your final result in percentages [%] per annum, rounded to the first decimal digit. Enter one number only without unit or percentage [%] sign, using the dott.) to separate the decimals. Answer: A 4-step binomial tree is used to price options. On that tree, the value of the underlying asset can go down by 4.65% and time steps have 17 months. What is the value of the annualized volatility, assuming the standard Cox, Ross, and Rubinstein (1979) approach was used to calibrate this tree? Express your final result in percentages [%] per annum, rounded to the first decimal digit. Enter one number only without unit or percentage [%] sign, using the dott.) to separate the decimals