valuation of a capped floater with backwards induction?

do we need to know this? Don’t see an los but it is in the book. Many thanks.

just know which IR to use if asked, def a tricking question if you dont know caps pay in arrears, same formula so not much to memorize

its the one of the topics not covered in schweser :S

I just glanced at the LOS listed on, didn’t see any specific mention of valuing a capped floater.