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["    European Option Price_Binomial",null,null,null,null,null,null,null,null,null,null,null,"History","S0","Annual rate","Days"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,20,0.06,90]
["K",null,null,null,null,"  Enter data in yellow cells and in columns under K, u, d.",null,null,null,null,null,null,null,"K","u","d","C_0","P_0"]
["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,null,10,1.1000000000000001,0.7,14.92,4.7699999999999996]
["F(S_N,K)",{"$f":"MAX(B3 - B4,0)","v":0},null,null,null,"  and = MAX(B3-B4,0) for puts. Prices appear under V_0.",null,null,null,null,null,null,null,10,1.4,0.7,18.61,8.4700000000000006]
[null,null,null,null,null,null,null,null,null,null,null,null,null,10,1.1000000000000001,0.9,11.81,1.66]
["S_0","Period Rate","Periods",null,null,null,null,null,null,null,null,null,null,10,1.4,0.9,14.91,4.76]
[10,{"$f":"0.03/120.0001644","v":2.4999965750046921E-4},90,null,null,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.7,12.59,11.31]
["K","u","d","V_0",null,null,null,null,null,null,null,null,null,19,1.4,0.7,18.05,16.77]
[8,1.1000000000000001,0.9,2.2672603130340576,null,"     Progam uses the formula                         ",null,null,null,null,null,null,null,19,1.1000000000000001,0.9,7.71,6.43]
[8,1.1000000000000001,0.7,4.4819808006286621,null,null,null,null,null,null,null,null,null,19,1.4,0.9,12.82,11.54]
[8,1.3,0.9,4.0279269218444824,null,"          V_0 = (1 + i)^{-N} sum_{j = 0}^N BINOM{N}{j} p*^j q*^(N - j) F(S_N, K),",null,null,null,null,null,null,null,30,1.1000000000000001,0.7,10.72,20.28]
[8,1.3,0.7,6.5310783386230469,null,null,null,null,null,null,null,null,null,30,1.4,0.7,17.54,27.1]
[12,1.1000000000000001,0.9,4.8878240585327148,null,"     where S_N = S_0 u^j d^{N-j}, i = PeriodRate, N = Periods, and F is the user-defined",null,null,null,null,null,null,null,30,1.1000000000000001,0.9,4.97,14.53]
[12,1.1000000000000001,0.7,7.6011018753051758,null,"     function in cell B5, which uses the entries in cells B3 and B4 as arguments.",null,null,null,null,null,null,null,30,1.4,0.9,11.14,20.7]
[12,1.3,0.9,7.0999631881713867,null,null,null,null,null,null,null,null,null,50,1.1000000000000001,0.9,2.54,31.81]
[12,1.3,0.7,10.134334564208984]
[null,null,null,null,null,null,null,null,"S_0","Period Rate","Periods",null,null,"S0","Annual rate","Days"]
[null,null,null,null,null,null,null,null,10,{"$f":"0.03/120.0001644","v":2.4999965750046921E-4},90,null,null,20,0.05,90]
[null,null,null,null,null,null,null,null,"K","u","d","P_0",null,"K","u","d","C_0","P_0"]
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[null,null,null,null,null,null,null,null,8,1.3,0.9,4.0279269218444824,null,15,1.3,0.7,17.489999999999998,12.31]
[null,null,null,null,null,null,null,null,8,1.3,0.7,6.5310783386230469,null,15,1.4,0.7,18.260000000000002,13.08]
[null,null,null,null,null,null,null,null,12,1.1000000000000001,0.9,4.8878240585327148,null,17,1.1000000000000001,0.9,8.4499999999999993,5.24]
[null,null,null,null,null,null,null,null,12,1.1000000000000001,0.7,7.6011018753051758,null,17,1.2,0.7,15.86,12.65]
[null,null,null,null,null,null,null,null,12,1.3,0.9,7.0999631881713867,null,17,1.3,0.7,17.32,14.11]
[null,null,null,null,null,null,null,null,12,1.3,0.7,10.134334564208984,null,17,1.4,0.7,18.14,14.93]
[null,null,null,null,null,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.7,12.58,11.35]
[null,null,null,null,null,null,null,null,null,null,null,null,null,19,1.2,0.7,15.63,14.4]
[null,null,null,null,null,null,null,null,"S_0","Period Rate","Periods",null,null,19,1.3,0.7,17.149999999999999,15.92]
[null,null,null,null,null,null,null,null,20,1.6440000000000001E-4,30,null,null,19,1.4,0.7,18.05,16.82]
[null,null,null,null,null,null,null,null,"K","u","d","C_0",null,21,1.1000000000000001,0.7,12.19,12.94]
[null,null,null,null,null,null,null,null,10,1.1000000000000001,0.7,12.071913348330613,null,21,1.2,0.7,15.39,16.14]
[null,null,null,null,null,null,null,null,10,1.4,0.7,15.365332253788823,null,21,1.3,0.7,16.98,17.72]
[null,null,null,null,null,null,null,null,10,1.1000000000000001,0.9,10.421401414097092,null,21,1.4,0.7,17.96,18.7]
[null,null,null,null,null,null,null,null,10,1.4,0.9,11.983589079007018]
[null,null,null,null,null,null,null,null,19,1.1000000000000001,0.7,8.151339738189737,null,"S0","Annual rate","Days"]
[null,null,null,null,null,null,null,null,19,1.4,0.7,13.380138819687335,null,20,0.05,15]
[null,null,null,null,null,null,null,null,19,1.1000000000000001,0.9,4.8091483015027707,null,"K","u","d","C_0","P_0"]
[null,null,null,null,null,null,null,null,19,1.4,0.9,8.13680164208556,null,10,1.1000000000000001,0.7,11.03,1.01]
[null,null,null,null,null,null,null,null,30,1.1000000000000001,0.7,5.3115276038311379,null,10,1.4,0.7,13.31,3.29]
[null,null,null,null,null,null,null,null,30,1.4,0.7,11.604383917216609,null,10,1.1000000000000001,0.9,10.1,0.08]
[null,null,null,null,null,null,null,null,30,1.1000000000000001,0.9,1.7823603773642662,null,10,1.4,0.9,10.71,0.69]
[null,null,null,null,null,null,null,null,null,null,null,null,null,19,1.1000000000000001,0.7,6.04,5]
[null,null,null,null,null,null,null,null,"S_0","Period Rate","Periods",null,null,19,1.4,0.7,10.32,9.2799999999999994]
[null,null,null,null,null,null,null,null,20,1.6440000000000001E-4,180,null,null,19,1.1000000000000001,0.9,3.59,2.5499999999999998]
[null,null,null,null,null,null,null,null,"K","u","d","C_0"]
[null,null,null,null,null,null,null,null,10,1.1000000000000001,0.7,17.094642639160156,null,"S0","Annual rate","Days"]
[null,null,null,null,null,null,null,null,10,1.4,0.7,19.720104217529297,null,20,0.06,90,"both increasing"]
[null,null,null,null,null,null,null,null,10,1.1000000000000001,0.9,13.399333953857422,null,"K","u","d","C_0","P_0"]
[null,null,null,null,null,null,null,null,10,1.4,0.9,17.169839859008789,null,15,1.1000000000000001,0.7,13.53,8.31]
[null,null,null,null,null,null,null,null,19,1.1000000000000001,0.7,15.82791805267334,null,15,1.2,0.7,16.100000000000001,10.88]
[null,null,null,null,null,null,null,null,19,1.4,0.7,19.610675811767578,null,15,1.3,0.7,17.489999999999998,12.27]
[null,null,null,null,null,null,null,null,19,1.1000000000000001,0.9,10.379711151123047,null,15,1.4,0.7,18.260000000000002,13.04]
[null,null,null,null,null,null,null,null,19,1.4,0.9,16.026885986328125,null,15,1.1000000000000001,0.8,11.69,6.47]
[null,null,null,null,null,null,null,null,30,1.1000000000000001,0.7,14.753940582275391,null,15,1.1000000000000001,0.7,13.53,8.31]
[null,null,null,null,null,null,null,null,30,1.4,0.7,19.508968353271484,null,15,1.1000000000000001,0.6,15,9.7799999999999994]
[null,null,null,null,null,null,null,null,30,1.1000000000000001,0.9,8.0923957824707031,null,15,1.1000000000000001,0.5,16.2,10.98]
[null,null,null,null,null,null,null,null,30,1.4,0.9,15.065357208251953]
[null,null,null,null,null,null,null,null,50,1.1000000000000001,0.9,5.6396470069885254]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"S0","Annual rate","Days"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,20,0.06,90,"both increasing"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,"K","u","d","C_0","P_0"]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,22,1.3,0.7,16.899999999999999,18.579999999999998]
[null,null,null,null,null,null,null,null,null,null,null,null,null,22,1.4,0.7,17.91,19.59]
[null,null,null,null,null,null,null,null,null,null,null,null,null,22,1.1000000000000001,0.8,9.83,11.51]
[null,null,null,null,null,null,null,null,null,null,null,null,null,22,1.1000000000000001,0.7,12.04,13.72]
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[]
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[null,null,null,null,null,null,null,null,null,null,null,null,null,"S0","Annual rate","Days"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,20,0.06,90,"decreasing","increasing"]
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