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A binary option pays off $100 if a non-dividend-paying stock price is greater than its current value in three months. The risk-free rate is

A binary option pays off $100 if a non-dividend-paying stock price is greater than its current value in three

A binary option pays off $100 if a non-dividend-paying stock price is greater than its current value in three months. The risk-free rate is 3% and the volatili ty is 40%. What is the value of the option? (Use two decimal places, in dollars without the dollar sign)

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