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A put option with a strike of $100 expires in 3 months. The underlying stock follows...

A put option with a strike of $100 expires in 3 months. The underlying stock follows a binomial process and does not pay dividends. Today, the stock price is $110, and in three months its price will be $125 or $90. The annual Risk free rate is 6%. calculate the fair price of the put option.

4.55, 3.51, 3.77, 4.02, OR 4.28.

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