Which of the Following Statements Is Valid?
A)It Is Not $n$

Multiple Choice

Which of the following statements is valid?

A) It is not possible to build a recombining binomial tree if volatility is changing over time.
B) A recombining binomial tree with $n$
Periods has
$n$
Nodes at the end of the last period on the tree.
C) A non-recombining binomial tree with $n$
Periods has
$n ^ { 2 }$
Nodes at the end of the last period on the tree.
D) None of the above.