A Twenty-Step Tree Has 231 Nodes, or 2,097,151
Whether an up move followed by a down move lands where a down move followed by an up move lands decides between a quadratic node count and an exponential one, and at twenty steps the gap is a factor of 9,078.6. Both sums carry N+1 terms rather than N, because a twenty-step tree has twenty-one dates on it, and the off-by-one costs the entire final row. The article also states the recombination hypothesis exactly, which is weaker than the usual ud = 1.