The diagram below depicts a 5-step Binomial tree to model share price. 82.06 67.10 54.87 54.87 44.87 44.87 36.69 36.69 36.69 30 301 30 24.53 24.53 24.53 20.06 20.06 16.40 16.40 13.41 10.97 A fixed lookback call option has a payoff as follows: payoff = max(0, Smax - 20). In words, the payoff at expiry is the bigger of zero, or the difference between the biggest share price throughout the life of the derivative (Smax) less the strike price ($20). Consider the path UDDDU. For this specific path, the payoff to the fixed lookback call is Consider the path DDUUD. For this specific path, the payoff to the fixed lookback call is