Question: Use the formula given by Cox, Ross, and Rubinstein on the u and d to calculate the price of a three-month American put option on

Use the formula given by Cox, Ross, and Rubinstein on the u and d to calculate the price of a three-month American put option on a non-dividend- paying stock when the stock price is $60, the strike price is $60, the risk-free interest rate is 10% per annum, and the volatility is 45% per annum. Use a three-steps binomial tree with a time interval of one month.

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