13) Suppose you pay 20 to buy a European call option on a given security (K=150, t=5). Assuming a continuously compounded nominal annual interest rate of 8 percent (8%), if the price of the security at time 5 is S(5)= 90, then the present value of your return from this investment is: a) 153.67 b) 153.77 c) 153.99 d) 131.55 14) Suppose you pay 15 to buy a European put option on a given security (K=200, t=3). Assuming a continuously compounded nominal annual interest rate of 3 percent (3%), if the price of the security at time 3 is S(5)= 195, then the present value of your return from this investment is: a) 72.79 b) 75.79, c) 27.21 d) 27.79 15) Find the stock price on the exercise date in 4 months, for a European call option with strike price 20$ to give gain (profit) of 18$. If the option is bought for 3.5$, financed by a loan with continuously compounded interest rate of 6%. a) 41.57 b) 42.75 c)41.09 d) 40.57