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16. Melinda writes a 3-month European call for a premium of $4.36. The strike price is $80. If the strike spot price at expiration

16. Melinda writes a 3-month European call for a premium of $4.36. The strike price is $80. If the strike spot price at expiration is $85, then Melinda's profit is -$0.76. Calculate the annual effective risk-free interest rate.

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