(a) Build a -step binomial tree by using the multiplier for an up step equal to U : e'W/E and that for a down step equal to D : e_\"m, where At is the length of time for each binomial time step. (b) Use the formula that the subjective probability of an up step is equal to Compute the expected value of the land after one year based on the binomial tree in part (a) under the subjective probability distribution. (c) What are the expected rate of return on the land per year and the expected log return on the land per year implied by your answer in part (b)? (d) Use the formula that the risk-neutral probability of an up step is equal to er-At _ D U D ' Compute the expected value of the land after one year based on the binomial tree in part (a) under the risk-neutral probability distribution. g: (e) What are the expected rate of return on the land per year and the expected log return on the land per year implied by your answer in part (d)? (f) What is the present value of the one-year option to purchase the property at the strike price of $12.5 million based on the binomial tree in part (a)