Question: the answer is c but how do they get this answer? please show all work I wish the question gave more context too. But if

 the answer is c but how do they get this answer?

the answer is c but how do they get this answer? please show all work

I wish the question gave more context too. But if it cannot be done then please refund.

19) If you are interested in pricing a 3-month European put option on BofA with a strike of $30 using a 3-step binomial tree what is the value of u? (Assume you are using Cox, Ross, Rubinstein approach) A) 1.0253 B) 1.0277 C) 1.0905 D) 1.0930 E) 1.1618 19) If you are interested in pricing a 3-month European put option on BofA with a strike of $30 using a 3-step binomial tree what is the value of u? (Assume you are using Cox, Ross, Rubinstein approach) A) 1.0253 B) 1.0277 C) 1.0905 D) 1.0930 E) 1.1618

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