cbot

z  The stock trades for $35 per share.   
z  The chance of an upward movement over the next year is 60 percent.   
z  The likely downward movement is 20 percent.   
z  At-the-money calls currently sell for $4.75.   、
原题是这样的吧，
note 5的250页有公式的，
D=1/U=1/1.6=0.62
πU=1-πD=1-0.2=0.8