Question: please show steps answer should be 0.8613 The next question is based on the following data for a two-period binomial model. - The stock's price

please show steps answer should be 0.8613

The next question is based on the following data for a two-period binomial model. - The stock's price S is $100. After three months, it either goes up and gets multiplied by the factor U=1.07, or it goes down and gets multiplied by the factor D=1/U. - Options mature after T=0.5 year and have a strike price of K=$91. - The continuously compounded risk-free interest rate r is 1.6 percent per year. Today's price of an American put option is: [round to two decimal places]

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