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Company X's CEO has 50 million shares of stocks and 60 million shares of options (of Company X). The stock return volatility (o) is 1.5,

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Company X's CEO has 50 million shares of stocks and 60 million shares of options (of Company X). The stock return volatility (o) is 1.5, dividend yield (d) is 0.07, riskfree rate (r) is 0.12, and maturity (T) is 1 year. Following table shows stock price of Company X during 2020. Suppose that Company X announced that the (at-the- money) options granted to the CEO in April 2020, but were actually granted in October 2020. How much (in terms of dollar amount) did the CEO gain by misreporting the option grant date by 6 months? [Company X Stock Price, 2020) Feb, 2020: $10.5 Apr, 2020: $5.0 Jun, 2020: $9.1 Aug, 2020: $8.5 Oct, 2020: $17.0 Dec, 2020: $20.0

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