Each of the following questions should be answered by building a 15-period binomial model whose parameters should be calibrated to a Black-Scholes geometric Brownian motion model with: T =.25 years, S0 =100, r=2%, σ=30% and a dividend yield of c=1%. Your binomial model should use a value of u = 1.0395 and d = 1/u = 0.96201. (This has been rounded to four decimal places but you should not do any rounding in your spreadsheet calculations.)