This lecture completes coverage of the Binomial Trees lecture note (particularly, how the discrete-time Cox-Ross-Rubinstein (CRR) binomial option pricing model converges to the continuous-time Black-Scholes-Merton (BSM) option pricing model.  It also provides the first installment of our coverage of American options, based on the lecture note titled Early Exercise of American Call and Put Options on Non-Dividend Paying Stocks.