1. Dell Technologies (Ticker: DELL) shares traded at S = $68.29 on October 15, 2020, the risk-free rate is 0.1%, and DELL shares are assumed to have volatility of = 50% per year. Estimate the value of a 3-month call option on DELL with K = 65. First do your valuation using Black-Scholes, then try the valuation using the CRR approach and n=1, n=2, and n=3 periods. How close are your answers? If the actual call options are $10.85 per share, what volatility does that imply on DELL shares?