Which of the Following Statements Is Valid?
A) It Is $n$

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.