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The current price of a non-dividend paying stock is $50. Use a two-step tree to...

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Accounting

The current price of a non-dividend paying stock is $50. Use a two-step tree to value a American put option on the stock with a strike price of $50 that expires in 12 months. Each step is 6 months, the risk free rate is 5% per annum, and the volatility is 50%. What is the value of the option according to the two-step binomial model. Please enter your answer rounded to two decimal places (and no dollar sign).

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