Question: A stock has equal probability to go up or down in value by 15% in each of the next two current stock price is $60

A stock has equal probability to go up or down in value by 15% in each of the next two
current stock price is $60 and the risk-free rate is 7%
Answer questions from 1 to 3
2. What is the price of the put option with the strike of $51 at the beginning of the
first year? (Hint: the answer to the previous question)

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