PROBLEM 1: Use the "up-down" binomial pricing method to derive call option values for the following conditions: A. S = 50, K = 54, r = 3%, t = .25, u = 1.5, d = .5 and there is only one step or "jump" before expiration. Assume this is a European option. Show your work. B. S = 50, K = 54, r = 3%, t = .25, u = 1.5, d = .5 and there are two steps or "jumps" before expiration. Assume this is a European option. Show your work