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28.27. A forward start option will, 1 year from today, give its owner a 3-month European call option with a strike price equal to the

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28.27. A forward start option will, 1 year from today, give its owner a 3-month European call option with a strike price equal to the stock price at that time. You are given: (1) The European call option is on a stock that pays no dividends. (ii) The stock's volatility is 28%. (i) The forward price for delivery of 1 share of stock 1 year from today is $100. (iv) The continuously compounded risk-free interest rate is 5%. Using the Black-Scholes framework, determine the price today of the forward start option

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