Consider an employee who receives a call option with forward start three months from today.The options start 10% out-of-the-money, time to maturity is one year from today, the stock price is 60, the risk-free interest rate is 8%, the continuous dividend yield is 4%, and the expected volatility of the stock is 30%. In other words, S = 60,a = 1.1, t = 0.25, T = 1, r = 0.08, b = 0.08-0.04 = 0.04, and s = 0.30.

calculate the call price with panels for inputs and panels for the model, similar to the Black-Scholes type analytical models

spreadsheet model.Use interim calculation steps, such as d₁, d₂,

N(d₁) and N(d₂), before you reach your final valuation of the option.Round up your final result to $0.01.