please dont copy paste answer from cheg where other sme has given answer.

Consider the binomial model for an American call and put on a stock whose price is $60. The exercise price for both the put and the call is $45. The standard deviation of the stock returns is 30 percent per annum and the risk free rate is 5 percent per annum The options expire in 90 days. The stock will pay a dividend equal to 3 percent of its value in 50 days. (a) Draw the three-period stock tree and the corresponding trees for the call and the put (b) Compute the price of these options using the three period trees. (Explain when if ever, each option should be exercised