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Alibaba Group (9988) is currently trading at $110. The stock is anticipated to pay no dividends. It has a 45 percent yearly volatility. With continued compounding, the interest rate is 5% each year. Consider a $100 strike 3-month American put option on Alibaba. To answer the following questions, build a 2-period binomial model.

Questions:

1(a) How much is the early exercise premium if any?

1(b) Explain why early exercise of an American put option on dividend-paying asset may be not optimal.