Use the Following Data for an Eight-Period Binomial Model to Answer

Use the following data for an eight-period binomial model to answer the questions that follow.
- The stock's price S is $100.The stock price evolves according to an eight-period binomial model.
- Options mature after T = 1 year and have a strike price of K = $70.
- The continuously compounded risk-free interest rate r is 5 percent per year.
- The annualized volatility of stock price returns $\sigma$ = 0.25 or 25 percent per year.
-Today's price of a European call in this eight-period binomial model is:

A) $11.7628
B) $33.4139
C) $33.7858
D) $36.4527
E) None of these answers are correct.