12.6 The binomial model f 0 (7 0 p)f fer!Ipfi+(l-plfdI p Options, Futures, and Other Derivatives, 4th edition@ 2000 by John C. Hull Tang Yincai, C 2003, Shanghai Normal UniversityOptions, Futures, and Other Derivatives, 4th edition © 2000 by John C. Hull Tang Yincai, © 2003, Shanghai Normal University 12.6 The Binomial Model S0u ƒu S0d ƒd S0 ƒ f=e-rT[pfu +(1-p)fd ] p=?