Binomial tree option price: American-style (FRM T4-8)

[My xls is here trtl.bz/2DcTVeo ] An American-style option allows for early exercise; therefore, it must be worth more than the equivalent European option. To price the option with the binomial, we only need to modify the non-terminal nodes so that their value equals Max (expected discounted value, intrinsic value).
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