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The futures price of a commodity is $95. Use a three-step tree to value (a) a...

The futures price of a commodity is $95. Use a three-step tree to value (a) a nine-month American call option with strike price $100 and (b) a nine-month American put option with strike price $100. The volatility is 27% and the risk-free rate (all maturities) is 3% with continuous compounding.

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