Question: (c) Prove that the function c satises the recursive equations c(n, x)= (pc(n + 1, xd) + (1 p)c(n + 1, xu)) 1 +

(c) Prove that the function c satises the recursive equations c(n, x)=

(pc(n + 1, xd) + (1 − p)c(n + 1, xu))

1 + r

, n=0, . . . ,N − 1.

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