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In its 10-Q dated February 4, 2012, LLL, Inc., had outstanding employee stock options representing over 288 million shares of its stock. LLL accountants estimated

In its 10-Q dated February 4, 2012, LLL, Inc., had outstanding employee stock options representing over 288 million shares of its stock. LLL accountants estimated the value of these options using the Black-Scholes-Merton formula and the following assumptions:

S = current stock price = $24.77
K = option strike price = $27.20
r = risk-free interest rate = .055
= stock volatility = .32
T = time to expiration = 3.5 years

What was the estimated value of these employee stock options per share of stock?

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