Assume a Black-Scholes-Merton world without dividends. Consider a standard European call option on PQR stock. Suppose that the current PQR stock price is $45 per share with estimated volatility of 20% per annum, strike price of the option is $50, risk-free rate is 5% per annum, and the time-to-maturity is 3-years. (In other words, S.=45, 0-20% K=50. r-5% and T=3.) (a) (4 pts) Estimate the option's delta. (b) (4 pts) What is the risk-neutral probability that the European call option will be exercised at maturity? (c) (2 pts) Calculate the option's fair price