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Problem 4. Consider a two-step binomial model with S(0) = 100 and returns on the stock u 0.1 and d -02. Let the risk-free return be r-0 and suppose that the stock pays a dividend of 10 at time 1 and a dividend of 5 at time 2. a) (2 points) Draw the stock price tree. b) (6 points) Compute the risk-neutral probability and find the price of a European put with strike = 80 and expiration at time 2. Problem 4. Consider a two-step binomial model with S(0) = 100 and returns on the stock u 0.1 and d -02. Let the risk-free return be r-0 and suppose that the stock pays a dividend of 10 at time 1 and a dividend of 5 at time 2. a) (2 points) Draw the stock price tree. b) (6 points) Compute the risk-neutral probability and find the price of a European put with strike = 80 and expiration at time 2