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(b) What, to the nearest cent, is the lower bound for the price of a 1-year European call option on a stock when the stock

(b) What, to the nearest cent, is the lower bound for the price of a 1-year European call option on a stock when the stock price is $70, the strike price is $65 and the risk-free interest rate with continuous compounding is 2% and there are no dividends?

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