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["American Option Price--Binomial"]
[]
["K",null,null,null,null,"  Enter data in yellow cells and in columns under K, u, d.",null,null,null,null,null,null,"Takes about 10 minutes:"]
["S_n",null,null,null,null,"  Enter function formula in B5, e.g. = MAX(B4-B3,0) for calls",null,null,null,null,null,null,"S_0","Period Rate","Periods"]
["F(S_n, K)",{"$f":"MAX(B4 - B3,0)","v":0},null,null,null,"  and = MAX(B3-B4,0) for puts. Prices appear under V_0.",null,null,null,null,null,null,20,1.6440000000000001E-4,180]
[null,null,null,null,null,null,null,null,null,null,null,null,"K","u","d","V_0"]
["S_0","Period Rate","Periods",null,null,null,null,null,null,null,null,null,10,1.1000000000000001,0.7,17.094623936956893]
[20,1.6440000000000001E-4,90,null,null,null,null,null,null,null,null,null,10,1.4,0.7,19.720114164977776]
["K","u","d","V_0",null,null,null,null,null,null,null,null,10,1.1000000000000001,0.9,13.399327917352455]
[10,1.1000000000000001,0.7,14.917961496633044,null,null,null,null,null,null,null,null,10,1.4,0.9,17.169845890157699]
[10,1.4,0.7,18.612395043336527,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.7,15.827902350704168]
[10,1.1000000000000001,0.9,11.807149957391307,null,"     Uses the backward recursion algorithm ",null,null,null,null,null,null,19,1.4,0.7,19.610687186800693]
[10,1.4,0.9,14.909555258419266,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.9,10.379706368007261]
[19,1.1000000000000001,0.7,12.589385667625411,null,"     v_N(s) = F(s,K) ",null,null,null,null,null,null,19,1.4,0.9,16.026893942267169]
[19,1.4,0.7,18.050752734684551,null,"     v_n(s) = MAX(F(s,K), a*v_{n+1}(u*s) +  b*v_{n+1}(d*s)),  n < N",null,null,null,null,null,null,30,1.1000000000000001,0.7,14.753926724927268]
[19,1.1000000000000001,0.9,7.7116268926470193,null,null,null,null,null,null,null,null,30,1.4,0.7,19.508981700917516]
[19,1.4,0.9,12.820841016388677,null,"     where i = PeriodRate, N = Periods, and F is the user-defined function",null,null,null,null,null,null,30,1.1000000000000001,0.9,8.0923901351866121]
[30,1.1000000000000001,0.7,10.71812832805526,null,"     in cell B5, which uses the entries in cells B3 and B4 as arguments.",null,null,null,null,null,null,30,1.4,0.9,15.065365823373588]
[30,1.4,0.7,17.544760323115121,null,null,null,null,null,null,null,null,50,1.1000000000000001,0.9,5.6396411495202861]
[30,1.1000000000000001,0.9,4.967109950076944]
[30,1.4,0.9,11.144304433537972,null,null,null,null,null,null,null,null,"Faster:"]
[50,1.1000000000000001,0.9,2.5402766105175916,null,null,null,null,null,null,null,null,"S_0","Period Rate","Periods"]
[null,null,null,null,null,null,null,null,null,null,null,null,20,1.6440000000000001E-4,90]
[null,null,null,null,null,null,null,null,null,null,null,null,"K","u","d","V_0"]
[null,null,null,null,null,null,null,null,null,null,null,null,10,1.1000000000000001,0.7,14.917961496633044]
[null,null,null,null,null,null,null,null,null,null,null,null,10,1.4,0.7,18.612395043336527]
[null,null,null,null,null,null,null,null,null,null,null,null,10,1.1000000000000001,0.9,11.807149957391307]
[null,null,null,null,null,null,null,null,null,null,null,null,10,1.4,0.9,14.909555258419266]
[null,null,null,null,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.7,12.589385667625411]
[null,null,null,null,null,null,null,null,null,null,null,null,19,1.4,0.7,18.050752734684551]
[null,null,null,null,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.9,7.7116268926470193]
[null,null,null,null,null,null,null,null,null,null,null,null,19,1.4,0.9,12.820841016388677]
[null,null,null,null,null,null,null,null,null,null,null,null,30,1.1000000000000001,0.7,10.71812832805526]
[null,null,null,null,null,null,null,null,null,null,null,null,30,1.4,0.7,17.544760323115121]
[null,null,null,null,null,null,null,null,null,null,null,null,30,1.1000000000000001,0.9,4.967109950076944]
[null,null,null,null,null,null,null,null,null,null,null,null,30,1.4,0.9,11.144304433537972]
[null,null,null,null,null,null,null,null,null,null,null,null,50,1.1000000000000001,0.9,2.5402766105175916]
[]
[]
[null,null,null,null,null,null,null,null,null,null,null,null,"Same as European:"]
[null,null,null,null,null,null,null,null,null,null,null,null,20,1.6440000000000001E-4,30]
[null,null,null,null,null,null,null,null,null,null,null,null,"K","u","d","V_0"]
[null,null,null,null,null,null,null,null,null,null,null,null,10,1.1000000000000001,0.7,12.071915626525879]
[null,null,null,null,null,null,null,null,null,null,null,null,10,1.4,0.7,15.365329742431641]
[null,null,null,null,null,null,null,null,null,null,null,null,10,1.1000000000000001,0.9,10.421401023864746]
[null,null,null,null,null,null,null,null,null,null,null,null,10,1.4,0.9,11.983587265014648]
[null,null,null,null,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.7,8.1513423919677734]
[null,null,null,null,null,null,null,null,null,null,null,null,19,1.4,0.7,13.38013744354248]
[null,null,null,null,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.9,4.8091492652893066]
[null,null,null,null,null,null,null,null,null,null,null,null,19,1.4,0.9,8.1368007659912109]
[null,null,null,null,null,null,null,null,null,null,null,null,30,1.1000000000000001,0.7,5.3115301132202148]
[null,null,null,null,null,null,null,null,null,null,null,null,30,1.4,0.7,11.60438346862793]
[null,null,null,null,null,null,null,null,null,null,null,null,30,1.1000000000000001,0.9,1.7823618650436401]

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