Rd 37, q 5, BINOMIAL tree

CFA Level II
#1

Can someone explain why I’m getting a little differential answer from the binomial tree ,

Year 1

S= u. S=l

C= 5.2. C=5.2

R=5.7678. R=4.2729

V=98.305. V=100

What value do you get for year 0, R=4.4 ???

#2

(100+98.305+5.2+5.2)/2 = 104.3525