Which of the Following Statements Is INCORRECT About the Binomial

Multiple Choice

Which of the following statements is INCORRECT about the binomial option pricing model?

A) The binomial model had been used as a teaching tool at MIT and other places before its publication.
B) The binomial model was first printed in Sharpe's classic textbook Investments.
C) Cox,Ross,and Rubinstein;Rendleman and Bartter;and Jarrow and Rudd developed popular versions of the binomial model.
D) The binomial model is accurate because in the real world,stock price usually goes up or down with only two possible values.
E) Unlike the cost-of-carry models which can be priced with the help of the "no-arbitrage principle" alone,option-pricing models need an explicit assumption about the evolution of stock prices.