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Assume Company X options have an exercise price of $45 and expire in 156 days. The current price of Company X stock is $44.375. The

Assume Company X options have an exercise price of $45 and expire in 156 days. The current price of Company X stock is $44.375. The (annually compounded) risk-free rate is 7 percent per year and the standard deviation of Company X's stock returns is 0.31. Calculate d1 [Use the Black-Scholes formula].

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